Experian: Severe Mortgage Overdues Up 15%

The number of severely delinquent mortgage accounts rose 15% from February 2007 to February 2008, according to a National Score Index study conducted by Experian Consumer Direct. The national average credit score for those with a severely delinquent mortgage account stood at 599 in February 2008, compared with 605 a year earlier, Experian reported. "Conversely, the average credit score in February 2008 for those with a mortgage account with no delinquencies was 750," the credit report provider said. (The company said its definition of severely delinquent mortgage accounts includes chargeoffs, short sales, foreclosures, repossessions, collections, voluntary surrenders, and bankruptcies.) The study also found that the average mortgage balance for those with a severely delinquent account was $131,699 in February 2008, compared with $124,465 a year earlier, and that the states with the highest number of such accounts were California (where 12.4% of mortgage accounts are severely delinquent), Florida (8.0%), and Texas (6.3%). The company can be found on the Web at http://www.experian.com.