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Happy Weekend! Mortgage Delinquencies at 2.7 Percent

  • February 6th 2009

by Mark Wellborn

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We hate to end the week on a sour note, but this news is worth mentioning. The Washington Business Journal is reporting that the number of homeowners who are now at least 60 days behind on mortgages that are guaranteed by Freddie Mac and Fannie Mae rose to 2.73 percent in November 2008. In just ten months, the delinquency rate nearly doubled. (In January 2008, the rate was 1.43 percent.)

Approximately 835,000 borrowers were at least 60 days behind on payments, according to a monthly report on delinquencies and foreclosures from the Federal Housing Finance Agency. That number was 431,310 at the beginning of 2008.

Adding more salt to the wound, there were 43,627 foreclosure starts in November, again nearly double the monthly figure from January.

In perhaps the only bright spot, WBJ noted:

“Home foreclosures are further driving down housing prices, but low prices are also spurring sales.”

Have a nice weekend.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/happy_weekend_mortgage_delinquencies_at_2.7_percent/532.

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