Residential Delinquencies Jump, $1 Trillion in Loans Past Due

Residential delinquencies climbed to yet another new high at March 31 with 10.06% of all mortgagors behind on their payments, according to new figures released by the Mortgage Bankers Association. According to calculations made by National Mortgage News using MBA's findings, that means $1 trillion in both first and second liens are now in arrears. Compared to the same period a year ago, late payments rose 10%. Late payments worsened in all delinquency categories, but there was a slight respite in the "seriously delinquent" bucket which includes loans that are 90 days or more late or in foreclosure. The trade group found that 9.54% of all mortgages were seriously delinquent at March 31, a slight improvement from the 9.67% number recorded at yearend. At March 31, 2009, 7.24% of all loans were seriously delinquent.