Friday, October 1, 2010

First-Ever Data Compilation on Seriously Delinquent Mortgages in All 366 US Metro Areas

The Center for Housing Policy, the Local Initiatives Support Corporation (LISC) and the Urban Institute have compiled and released the first data on seriously delinquent mortgages for all 366 U.S. metro areas.

“Seriously delinquent” mortgages are those that are delinquent 90 days or more or are in the foreclosure process. An analysis of these data for the nation’s 100 largest metropolitan areas reveals a 32 percent increase over a one-year period in the share of mortgages that are seriously delinquent. In March 2010, more than one in ten mortgages (10.2 percent) in the 100 largest metropolitan areas was seriously delinquent – up from one in 13 mortgages (7.7 percent) in March 2009.

The new delinquency data confirms the number of foreclosures is likely to continue to rise. But, by providing the first available information on foreclosure and delinquency rates for all 366 U.S. metropolitan areas, the team hopes to raise awareness of the continuing challenge of mortgage foreclosures and encourage policymakers and practitioners to use both time-tested and innovative solutions to help address this challenge.

The severity and the trajectory of the problem vary dramatically across the nation. Among the 100 largest metropolitan areas, the Austin metro area had the lowest share of seriously delinquent mortgages in March 2010 (4.4 percent) while, at the other extreme, 26 percent of mortgages in the Miami metro area were seriously delinquent.

To learn more about the data please see the press release or data.

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