From Realtor Magazine Online, Daily Real Estate News December 2, 2008
Credit bureau TransUnion predicts that delinquent mortgages will almost double in 2009, rising to the highest level in at least 16 years.
TransUnion, which analyzed 27 million consumer records in its database, predicted that the number of consumers who are late by 60 days or more will reach 7.17 percent in the fourth quarter of 2009. The delinquency rate in the fourth quarter of 2008 is expected to be 4.67 percent.
"There are a lot more loans that will be resetting throughout 2009 through 2011," says Ezra Becker, principal consultant in TransUnion's financial-services group. "There may be an ongoing flow of consumers who may now be able to pay their mortgage but may not be able to a year from now."
Source: The Wall Street Journal, Jane J. Kim (12/02/08)
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