Mortgages Continue Rapid Erosion

  • JJ Hornblass
  • June 1, 2009
  • 1

Mortgage loan delinquency (the ratio of borrowers 60 or more days past due) increased for the ninth straight quarter, hitting a national average high of 5.22 percent for the first quarter of 2009, according to TransUnion. Traditionally seen as a precursor to foreclosures, this statistic is up almost 14 percent from the previous quarter’s 4.58 percent average. This compares to an increase of 16 percent from the third to fourth quarter of 2008. Year-over-year, mortgage loan delinquency is up approximately 62 percent (from 3.23 percent).

The data clearly indicates that mortgage credit performance continues to erode nationwide. So much for the hope that non-performing mortgage credits would stabilize.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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One thought on “Mortgages Continue Rapid Erosion

  1. Wow. More than 16% of all mortgages in Miami metro area are delinquent.

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