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 March 05, 2010

RATE OF LATE MORTGAGE PAYMENTS IN SAN DIEGO
A recent report from TransUnion, a company that gathers information on credit, reveals that, during the last quarter of 2009, approximately 10% of those who own homes in San Diego and have mortgages were late in making their payments by 2 months or more. These homeowners may well end up defaulting and going into foreclosure, resulting in the loss of their primary, secondary or even their vacation homes.
While the rate of mortgage payment delinquency for San Diego was just under 10%, the rate for the state of California was greater, at 11%, and the rate for the entire country came in at nearly 7%, all of which were larger than the usual average rate of 1 ½ to 2%. The last time that San Diego, the state of California and the U.S. all had these lower delinquency rates was in the early part of 2007.

While there has not been a counting of properties in distress, based on the nearly 10% of those whose owners are sixty days or more behind in their mortgage payments, an estimate of nearly sixty thousand in San Diego County has been made. Considering the almost fourteen thousand foreclosures that took place during 2009, the current number of delinquencies strongly suggests that there may be well over 3 years worth of homes going into foreclosure in the near future. Hopefully, with the help of lenders who are allowing delinquent loans to be modified or are permitting short sales, the current situation should be resolved by sometime in late 2011, or possibly early the following year.