Mortgage loan delinquency rose for the 11th straight quarter in Q309, according to market research by credit bureau TransUnion. Both the Wall Street Journal and the HousingWire reported that mortgage loan delinquency, or the ratio or borrowers 60 or more days past due, rose to 6.25% in the third quarter from 3.96% a year earlier and 5.81% in the previous quarter.
For the three months ended Sept. 30, 4.5 percent of mortgages in the Lehigh Valley area – defined as Lehigh, Northampton and Carbon counties and Warren County, N.J. – were 60 or more days past due, according to the credit reporting agency TransUnion, up from 3.1 percent in the same quarter a year ago and up from 4.2 percent in the second quarter of this year.
This is interesting news for Real Estate Investors looking for short sales and equity deals at a bargain. Stay tuned - the Crash Of 2010 is still on schedule!
from New Jersey Real Estate Report