Serious Mortgage Delinquencies and In-Foreclosure by State

 

By CalculatedRiskBlog.com

(August 2012) Last week the MBA released the results of their Q2 National Delinquency Survey. One of the key points was the difference in the number of mortgage in the foreclosure process between judicial and non-judicial foreclosure states.

The first graph below (repeat) is from the MBA and shows the percent of loans in the foreclosure process by state. Posted with permission.

The second graph shows all stages of delinquency (and in-foreclosure) by states, sorted by the percent seriously delinquent (90+ days plus in-foreclosure).

The top states are Florida (13.70% in foreclosure down from 14.31% in Q1), New Jersey (7.65% down from 8.37%), Illinois (7.11% down from 7.46%), New York (6.47% up from 6.17%) and Nevada (the only non-judicial state in the top 13 at 6.09% down from 6.47%).

As Jay Brinkmann noted, California (3.07% down from 3.29%) and Arizona (3.24% down from 3.57%) are now a percentage point below the national average.

The second graph includes all delinquent loans (sorted by percent seriously delinquent).

Florida and New Jersey have the highest percentage of serious delinquent loans, followed by Nevada, New York, Illinois, Maine and Maryland. Nevada still leads with the highest percent of loans 90+ days delinquent.

Previous high delinquency states like California and Arizona are now well down the list.

Comment: It continues to bother me that several southern states always have an elevated percentage of mortgage loans 30+ day delinquent (Mississippi, Alabama, Georgia, and Louisiana all have a large percentage light blue). Most of these borrowers always seem to catch up – they just make their payments late. That means lenders generate plenty of late fees in these states. This might be something for the Consumer Financial Protection Bureau to investigate.

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