O.C. mortgage delinquency rate climbs faster than state, nation

June 10th, 2008, 11:26 am · 19 Comments · posted by Mathew Padilla

First the good news: Orange County’s home loan delinquency rate of 3.14 percent for loans 60 days past due in the first quarter of this year was lower than the state’s 4.34 percent and the nation’s 3.23 percent, reports TransUnion.

But the bad news: O.C.’s delinquency rate increased more dramatically quarter-to-quarter, rising 32 percent, vs. California’s rate rising 25 percent and the nation’s rising just 8 percent. It seems delinquencies are leveling off across the country, while still climbing in the Golden State.

Here’s a chart I whipped up that shows the trend. (On the X-axis, the number “1″ refers to Q1 2007 and the number “5″ refers to Q1 2008.)

Keith Carson, a senior consultant in TransUnion’s financial services group, said in a release, “The market continues to see the effect of the mortgage crisis across the country as delinquency rates again increased over the previous period. However, this increase was not as substantial as was seen between the third and fourth quarters of 2007, possibly reflecting the impact of a tightening in the lending policies of financial institutions. The national 60-day mortgage delinquency rate among mortgage borrowers is expected to continue to rise throughout 2008 from a value of 3.23 percent in the first quarter of 2008 to just over 4 percent by year end. This is primarily due to the continued deterioration in economic activity throughout the country combined with the continuing fallout of the mortgage crises.”

Another interesting Orange County stat: its average mortgage debt increased slightly in first quarter to $410,485, but that remains below the peak of $424,675 in the third quarter of last year.

Other delinquency and foreclosure news:

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nanowest says:

June 10, 2008 at 12:13 pm

As the bubble continues to burst, we will find out who could really afford all the stuff they bought from 2000 to 2007…..time will tell.

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OCguy says:

June 10, 2008 at 12:24 pm

Another great day for the local housing economy

Mick says:

June 10, 2008 at 12:48 pm

SUV”s, unaffordable homes on ARM loans - it’s the American dream!

Theresa says:

June 10, 2008 at 1:15 pm

american dream?? American Nightmare. As the Rich get Richer and the broke get BROKER…That is the way our ECONOMY wants it.. The Average Joe’s will never get ahead because once the rich see us catching up they’ll screw something to make sure we stay in our part of the chart. We can’t all be equals then what would make the rich important if all of us would be rocking the same boat??

June 10, 2008 at 1:22 pm

Theresa:

No, you just can not get ahead living in OC, finacial nightmare.

mav says:

June 10, 2008 at 1:53 pm

We’re # 1 !!!

Evan says:

June 10, 2008 at 2:14 pm

Theresa,

The rich didn’t put a gun to the average Joe’s head and forced him to buy a house he couldn’t afford. The problem is the average Joe was insecure. He wanted to be like the rich, but he went about it the wrong way. Joe can either own up to his mistakes and move on or sit there and pout, blaming the rich for his demise.

And THAT is one of the reasons why the average Joe stays an average Joe.

.e.

Barney Rubble says:

June 10, 2008 at 2:33 pm

That makes sense, there’s more people in California in over thier head then anyother state, nobody trys to look richer than they are more than Californians do…

Al says:

June 10, 2008 at 2:59 pm

Matt,
Cool chart, simple and to the point.

Now for my tale of whoes for the typical O.C. home loser.
Lost my dream house.
Lost my good paying job.
Lost my wife and Kids. (No bacon [lots], no wife/mistriss, only in O.C.)
Still have my big A** SUV. (no gas money - I rule my parking space)

bpsqwerty says:

June 10, 2008 at 3:35 pm

ahhh deadbeat buyers. predictable, gotta love it.

don’t forget the now-worthless SUV’s they bought with all those HELOCs… apropos?

newportlandlord says:

June 10, 2008 at 8:24 pm

What a bunch of LOSERS! Scary how many of you on here on this BLOG want everyone to FAIL! Good karma to you BIG LOSERS!

June 11, 2008 at 12:06 am

Hey rants:

I think you are right I won’t waste my time reading this BLOG.. After reading your comment I really do not want to waste my time reading such crap!

not buying it says:

June 12, 2008 at 1:18 pm

Househunting: The “scam” in that artcile has been happening since the end of 07 - at least here in the OC.

I personally know two people that have done this. I never did and currently still do not think highly of them.

househunting says:

June 12, 2008 at 5:44 pm

nbi-

Yes, I agree with you 100%, I thought it was pretty low behavior as well… but I must admit that sometimes wish I didn’t have such an inconvenient thing as a conscience.

shockg says:

June 14, 2008 at 8:45 pm

What a bunch of negative bottom feeder low lifes. How pathetic cheering for suffering. You are all disgusting.

Bobby says:

June 17, 2008 at 1:03 am

With all being said and thoughts expressed, not a word of encouragement or any form of unity shared, that’s society for ya! No wonder our economy is where is at.

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