Thursday, December 06, 2007

MBA Mortgage Delinquency Graph

by Bill McBride on 12/06/2007 02:21:00 PM

While we patiently wait for Tanta's analysis of the Freeze, here is a graph of the MBA mortgage delinquency rate since 1979 (hat tip Bill).

MBA Mortgage Delinquency Click on graph for larger image.

This is the overall delinquency rate, and it is at the highest rates since 1986. As noted earlier this morning, delinquencies are getting worse in every category - including prime fixed rate mortgages - and getting worse at a faster rate in every category.

It seems like a long time ago, but it was in July of this year that Bernanke presented a report to Congress arguing that the subprime problems would stay in subprime, and that the problems were contained to variable rate subprime loans (see this post). Bernanke couldn't have been more wrong.