By Dennis Norman, on August 8th, 2012
The record levels of foreclosures we have seen should be a thing of the past as we continue to see mortgage delinquencies drop, which is a good thing for the housing market but a mixed blessing for investors. One the one hand, investors should be able to sell their property for higher prices as the market has less negative impact from foreclosures, but on the other hand there will be fewer foreclosures out there presenting some great buying opportunities to investors.
TransUnion just released their latest mortgage delinquency report which shows the national mortgage delinquency rate, for borrowers 60+ days past due, dropped to 5.49 percent during the 2nd quarter marking the second consecutive quarter the delinquency rate has decreased. The mortgage delinquency rate has now fallen almost 9 percent in the first six months of 2012.
2nd Quarter, 2012 Mortgage Statistics ? Delinquency Rates?
Quarter-over-Quarter Q1 2012 Q2 2012 Pct. Change ------------------------------------------------------- USA 5.78% 5.49% (5.02%) ------------------------------------------------------- Year-over-year Q2 2011 Q2 2012 Pct. Change ------------------------------------------------------- USA 5.82% 5.49% (5.67%) ------------------------------------------------------- Highest Mortgage Delinquency States Q2 2012 --------------------------------- Florida 13.48% --------------------------------- Nevada 10.85% --------------------------------- New Jersey 8.15% --------------------------------- Maryland 6.79% --------------------------------- Lowest Mortgage Delinquency States Q2 2012 --------------------------------- North Dakota 1.32% --------------------------------- South Dakota 1.94% --------------------------------- Nebraska 2.24% --------------------------------- Wyoming 2.41% --------------------------------- Top 3 Year-over-Year Increases Q2 2011 Q2 2012 Pct. Change ------------------------------------------------------- Arkansas 3.24% 3.75% 15.74% ------------------------------------------------------- New Jersey 7.43% 8.15% 9.69% ------------------------------------------------------- Washington 4.92% 5.33% 8.33% ------------------------------------------------------- Top 3 Year-over-Year Declines Q2 2011 Q2 2012 Pct. Change ------------------------------------------------------- California 7.83% 6.13% (21.71%) ------------------------------------------------------- Arizona 7.78% 6.14% (21.08%) ------------------------------------------------------- Wyoming 3.01% 2.41% (19.93%) ------------------------------------------------------- Source: TransUnion
Q2 2012 Mortgage Statistics ? Mortgage Debt Per Borrower
Pct. Quarter-over-Quarter Q1 2012 Q2 2012 Change ------------------------------------------------------- USA $188,196 $188,341 0.08% ------------------------------------------------------- Year-over-Year Q2 2011 Q2 2012 Pct. Change ------------------------------------------------------- USA $189,205 $188,341 (0.46%) ------------------------------------------------------- Highest Mortgage Debt States Q2 2012 --------------------------------- District of Columbia $374,709 --------------------------------- California $329,465 --------------------------------- Hawaii $314,415 --------------------------------- Maryland $248,832 --------------------------------- Lowest Mortgage Debt States Q2 2012 --------------------------------- West Virginia $106,533 --------------------------------- Mississippi $108,672 --------------------------------- Oklahoma $113,537 --------------------------------- Arkansas $114,893 --------------------------------- Top 3 Year-over-Year Increases Q2 2011 Q2 2012 Pct. Change ------------------------------------------------------- North Dakota $115,461 $120,241 4.14% ------------------------------------------------------- Ohio $126,503 $131,701 4.11% ------------------------------------------------------- West Virginia $102,807 $106,533 3.62% ------------------------------------------------------- Top 3 Year-over-Year Declines Q2 2011 Q2 2012 Pct. Change ------------------------------------------------------- Nevada $224,100 $214,262 (4.39%) ------------------------------------------------------- Arizona $199,403 $193,169 (3.13%) ------------------------------------------------------- Florida $156,141 $152,781 (2.15%) ------------------------------------------------------- Source:TransUnion
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