Mortgage Delinquency Rises

Author:	Lucas Jones
Source:	Homes Discovered
Date:	December 19, 2006

During the third quarter of this year more and more homeowners in Oklahoma City are late in getting in their mortgage payments.  An eighth of the subprime credit demographic were late this quarter and those who took out adjustable rate mortgages were even more likely to be late on payment.  Late payments were far more common in places with struggling economies such as the great lakes region. The hurricane ravaged areas in the south also reported to have exceptionally high mortgage payment delinquencies.  Even homeowners with the best credit scores, prime borrowers, had their delinquency rates go up as well.  Still, in parts of the west prime borrowers lead the nation in lowest delinquency rates. The overall trend in delinquencies is up.  Slightly higher rates that we are seeing are fairly normal, however, with the housing boom finally winding down.  These rates are still below the high point in delinquencies reached in 2001-2002.  Overall, the last couple years have seen fairly low delinquency and foreclosure rates in Norman and this should be nothing to start worrying about.

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