South Orange County Blog from Bob Phillips

Orange County California’s troubled mortgages cut by 24%

From today’s Orange County Register, by Jon Lansner:

Orange County’s 90-day mortgage delinquency rate — an early warning sign of borrowers’ financial troubles — is 23% better than California’s woes and 31% lower than national patterns, by one industry estimate.

According to CoreLogic’s latest late-mortgage report, 4.64% of Orange County home-loan borrowers as of June are 90 days-plus late with their house payments.

This 90-day delinquency number is seen as a key indicator of future mortgages woes as it captures patterns of property owners skipping house payments before the formal foreclosure process begins. This most recent reading for Orange County is down 1.5 percentage points — or 24% — compared to a year earlier.

Meanwhile, Orange County’s foreclosure rate — share of loans in the actual foreclosure process — ran 1.84% — that is down 0.22 percentage points — or 11% vs. a year ago.

Compare that to California patterns:

  • The state’s 90-day delinquency rate ran 6%. That is down 1.98 percentage points — or 25% — compared to a year earlier.
  • Share of California loans in the foreclosure process ran 2.26% — down 0.39 percentage points — or 15% vs. a year ago.

Nationally:

  • The nationwide 90-day delinquency rate ran 6.76% — down 0.49 percentage points — or 7% — compared to a year earlier.
  • Share of loans nationwide in the actual foreclosure process — ran 3.27% — that is down 0.21 percentage points — or 6% vs. a year ago.
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