Transunion.com released their analysis of trends in the fourth quarter for the mortgage industry recently. The report, the third in an ongoing series, said that the national average of mortgage debt per borrower fell from the previous quarter by almost 4%, with only 2 states showing an increase - Hawaii and Alaska. On the other hand mortgage loan delinquency was up almost 17% from the previous quarter at an average of 2.99%.
Keith Carson, a senior consultant in TransUnion’s financial services group said, “The market continues to see the effect of the mortgage crisis in the steeply increasing mortgage delinquency rates among borrowers across the country.”This trend is forecasted to continue rising throughout the rest of the year up to 4% or more by the end of 2008. The reasons for this include a lull in economic activity and the consequences of the mortgage crisis. Fortunately, things are expected to get better in 2009 as home prices stabilize and economic conditions improve.
