Wednesday, December 13, 2006

Mortgage Defaults Less in California Than Rest of U.S

So much for the wrath of defaults allegedly flooding California. Another urban legend. California borrowers are some of the most sound in the U.S. ............

"A rising number of Americans fell behind on mortgage payments during the third quarter of 2006, but California homeowners continued to fare better than most of the nation, the Mortgage Bankers Association reported Wednesday.

The MBA reported that 2.68 percent of California's 5.5 million mortgage holders were at least 30 days late on their house payments during July, August and September.
That compared to a national delinquency rate of 4.67 percent among 42.6 million home loan borrowers.

Just seven states - Washington, Oregon, Hawaii, Wyoming, Montana, North Dakota and South Dakota - had lower delinquency rates for all loans than California, according to the MBA's quarterly survey of delinquencies."

By Jim Wasserman - Sac Bee Staff Writer

No comments: