Delinquency Rates Rise 53% Between 2007 and 2008

The mortgage delinquency rate for borrowers 60- or more days past due increased for the eighth straight quarter, reaching 4.58% in 4Q -- a 53% increase from the same period a year ago, according to a new report from TransUnion, Chicago. In the third quarter the ratio, a national average, stood at 3.96%. Borrower delinquency rates in the fourth quarter were highest in Florida (9.52%) and Nevada (9.01%), while the lowest rates were found in North Dakota (1.21%), Alaska (1.74%) and South Dakota (1.97%). The three areas showing the greatest percentage growth in delinquency from the previous quarter were Arizona (26.2%), Montana (24.5%) and South Dakota (23.9%). However, the news is not all bad: North Dakota and Alaska both showed a decline in mortgage delinquency rates, down respectively from the previous quarter. The state with the highest average mortgage debt per borrower was California at $356,421, followed by the District of Columbia ($354,082) and Hawaii ($310,289). The lowest average mortgage debt per borrower is West Virginia with $96,242.