MORTGAGE DELINQUENCIES SIGNAL MORE BANKRUPTCIES

Posted on July 29, 2009. Filed under: Uncategorized |

MORTGAGE DELINQUENCIES SIGNAL MORE BANKRUPTCIES

By Nick Zieminski

NEW YORK (Reuters) – Rising unemployment continues to make more Americans late on their mortgage payments, a sign that the rate of U.S. personal bankruptcies will keep going up, according to monthly data from the Equifax credit bureau obtained by Reuters.

Among U.S. homeowners with mortgages, 7.23 percent were at least 30 days late on payments in June, up from about 4.5 percent a year earlier and 7.01 percent in May, according to Equifax Inc. The rate of subprime mortgage delinquencies jumped almost a full percentage point to 39.25 percent.

Early-stage delinquencies are a leading indicator of future bankruptcy filings, and the June data suggest bankruptcies will continue rising in coming months. Bankruptcy filings were up 31 percent in June compared with a year earlier.
 

http://www.reuters.com/article/pressReleasesMolt/idUSTRE56Q3BS20090727

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