by Calculated Risk on 11/19/2009 06:45:00 PM
Thursday, November 19, 2009
Here is a scatter graph comparing the seriously delinquency rate for mortgage loans vs. unemployment rate for all states. The seriously delinquent rate include 90+ days delinquent loans, and loans in the foreclosure process for Q3 2009 (Source: MBA).
Click on graph for larger image in new window.
There is a relationship between delinquency rates and the unemployment rate.
Florida really stands out because of state specific foreclosure laws. Arizona and Nevada also have higher than expected foreclosure rates - possibly because of high investor activity during the housing bubble.
As the unemployment rate continues to rise, the mortgage delinquency rate will increase too.
For more on the MBA National Delinquency Survey, see: