Mortgages are considered to be delinquent when there are problems with the mortgage property in terms of finance or there are no authentic procedures under which the mortgage was possessed.
Going by the state-wise data, Michigan keeps up the first rank which is high for delinquencies and the number of homes in foreclosure. The state ranked second nationwide with 8.97% of its home loans more than 30 days delinquent during the three months ended Dec. 31. Mississippi was first with 11% of loans delinquent and Georgia was third with 8.37%.
The total national delinquency rate of 5.82% is the highest in the mortgage bankers survey since it reached 6.07% in 1985, said Doug Duncan, chief economist for the mortgage bankers.
As per the reports, the housing market bubble bust could have far devastating impact and it may culminate being even more dramatic than the long run house price boom that we have seen running from 1998 to 2005. This was the boom that has driven the house prices to astronomical levels in states like California and Florida. Those states are now suffering with a disproportionate share of foreclosure starts.
| No doubt, US is witnessing the worst of the times recently. Whatever goes on in the mortgage markets in the US, the ripples and effects of that are felt in far away countries like India, China and UK. Hope to see some respite by the government actions of Hope Now, Mortgage Rescue Plan along with the Six Bank Consortium for mortgage repayment relief. | Table of Contents |
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