Above is a graph from Chicago-based credit information company TransUnion that looks at five states, noting the ratio of mortgage borrowers that are currently 60 days or more past due. As you can see, Florida and all of its Miami condos are outpacing California and all of its Inland Empire cul-de-sacs. Additionally, TransUnion is predicting that more California homeowners will default on their loans, according to today's Los Angeles Times.
The paper notes that in "the immediate future the percentage of California home loans that are delinquent at least 60 days or are in foreclosure is projected to skyrocket to more than 14% by year's end from 9.7% as of June 30, TransUnion said." And here are more specific numbers regarding our area: "In the region including Los Angeles, Orange, Ventura, Riverside and San Bernardino counties, the delinquency rate [which is the first indication of foreclosure] also was expected to hit 14% at the end of the year, up from 10.7% as of June 30." It's not clear what the numbers are for just Los Angeles County, but here are more stats from the press release itself, which notes that the states that saw the highest delinquency rates in the second quarter of 2009 were Nevada (13.8 percent) and Florida (12.3 percent). The study also broke down individual borrowing trends: "The area with the highest average mortgage debt per borrower was the District of Columbia at $360,891, followed by California at $359,442 and Hawaii at $314,495." Related news in the California apocalypse front: "California, it turns out, is ungovernable," declared the New Yorker in last week's issue.
· California mortgage delinquencies expected to rise through 2009 [LA Times]
· TransUnion.com: Mortgage Loan Delinquency Rates Rise - But Pace Is Slowing [Press Release]