Residential delinquencies increased for the 11th straight quarter, hitting an all-time high of 6.25% for the period ending Sept. 30, according to new figures released by TransUnion.
Basing its findings on a random sample of 27 million credit files, the company found that Nevada leads the nation in delinquencies (14.5%) with Florida a somewhat close second with 13.3%. Year-over-year, mortgage delinquencies are up 58% and are expected to continue rising until the national job picture improves.
The credit report agency defines delinquent as any loan where the borrower is 60 or more days past due.
The Mortgage Bankers Association, which releases its delinquency figures on Thursday, defines delinquent as 30 days past due or more.
According to National Mortgage News and the Quarterly Data Report, there are 60.5 million outstanding residential loans in the U.S. with a face value of $9.86 trillion.
