A prediction from the credit bureau TransUnion states that they expect Arizona to be the only state to continue to have rising credit card and home loan delinquencies through 2010. They expect all other states in the nation to have delinquency rates drop due to a slow bounce back in the economy.
With a good number of bad loans dropping off of the books, banks stepping up their efforts to help keep borrowers in their homes and unemployment figures stabilizing throughout most of the country, the mortgage crisis is improving almost everywhere.
As proof, the nation has seen the mortgage delinquency rate decrease for a period of 3 straight months. That usually indicates a trend rather than just some minor improvement in the market.
Currently, the forbearing outlook on the job situation and a weak housing market for Arizona is going to continue to put a large strain on homeowners just trying to get by. TransUnion predicts that Arizona is going to be one of 5 states that they expect to have a rising number of homeowners that are going to be 60 or more days delinquent on their mortgage payments.
TransUnion predicts that delinquencies on mortgages will climb from the posted third quarter number of 10.37 percent to 12.09 percent sometime in 2010. According to third quarter figures released by TransUnion, Arizona is ranked third highest in both 60-days or more mortgage delinquencies and 90-days or more credit card delinquencies. Nevada is ranked highest in both of these categories with 14.53 percent 60-days or more mortgage delinquencies and 1.98 percent on 90-days or more credit card delinquencies. Florida is ranked second with 13.34 percent for mortgage delinquencies and 1.47 percent for credit card delinquencies.
TransUnion expects mortgage delinquencies to drop 3 percent in 2010 to break 3 straight years of rising delinquent mortgage figures.
TransUnion predicts that at the end of 2010, Arizona will be ranked behind Nevada and Florida for the highest rate of mortgage and credit card delinquencies.
TransUnion 3rd Quarter Postings
Mortgage Delinquencies (60-days or more)
1. NV 14.53%
2. FL 13.34%
3. AZ 10.37%
4. CA 10.18%
5. GA 7.06%
U.S. Average 6.25%
Credit Card Delinquencies (90-days or more)
1. NV 1.98%
2. Florida 1.47%
3. AZ 1.35%
4. CA 1.33%
5. GA, MS – 1.23%
U.S. average 1.10%
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