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Home prices need to recover further for the delinquency rate to decline. At the state level, Florida led the nation with the highest mortgage delinquency rate of any state at 13.48 percent, down from 13.91 percent a year earlier. It was followed by Nevada at 10.85 percent; New Jersey at 8.15 percent; and, Maryland at 6.79 percent. The states with the lowest delinquency rate were North Dakota at 1.32 percent; South Dakota at 1.94 percent; Nebraska at 2.24 percent; and, Wyoming at 2.41 percent. Foreclosure hotbeds Arizona and California each saw marked improvement during the second quarter. California's mortgage delinquency rate fell nearly 22 percent to 6.13 percent from a year earlier, while Arizona's declined 21 percent to 6.14. One reason for the sharp declines in mortgage delinquency rates in those states is that homes tend to move faster through the foreclosure process than in Florida, New York and other states where the courts play a role in the process. That leads to logjams of cases involving home loans that may have gone unpaid for two years or more. "You have states that are taking a long time to work through the delinquencies that they have, which is keeping their numbers up," Martin said. TransUnion's research is culled from its database of 27 million anonymous consumer records.
[Associated
Press;
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