Despite rising stock and bond markets and the supposed V shape recovery, more and more families continue to go 90 days or more delinquent on their mortgages.
Since June of 2007 delinquencies have risen every single month.
The historic average delinquency rate for non-credit enhanced is .71% and the current reading is 2.88%. The historic average rate for credit enhanced is 2.81% and the current reading is 7.84%. The historic average rate for total is 1.08% and the current reading is 3.72%. And finally the historic average rate for multi-family is .04% and is currently at .14%. In case you haven’t noticed the current reading on each of these is anywhere from 2.8 to 4.08 times their historic average.
We think there is a lot more pain to come.....
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