N.H. mortgage delinquency rate creeps up
New Hampshire’s 60-day mortgage delinquency rate rose in the second quarter of 2009.
According to TransUnion’s analysis of 27 million randomly selected consumers nationwide, the Granite State’s mortgage delinquency rate rose from 3.55 percent in the first quarter of 2009 to 3.76 percent in the second quarter of 2009 — significantly higher than the second quarter of 2008, when the rate was 2.17 percent.
The rate is the percentage of borrowers who are 60 or more days past due on their mortgage payments.
Even so, New Hampshire’s delinquency rate is 37th among the 50 states and Washington, D.C.
New Hampshire’s delinquency rate is also one of the lowest in the New England. Only Vermont had a lower rate at 2.51 percent for the second quarter of 2009. Rhode Island had the highest, 5.31 percent, followed by Connecticut, 4.63 percent, Massachusetts, 4.53 percent, and Maine, 3.97 percent.
Nationally, mortgage loan delinquency increased for the 10th straight quarter, hitting an all-time national average high of 5.81 percent for the second quarter of 2009.
TransUnion said mortgage borrower delinquency rates in the second quarter of 2009 were highest in Nevada (13.8 percent) and Florida (12.3 percent), while the lowest mortgage delinquency rates were found in North Dakota (1.5 percent), South Dakota (2.1 percent) and Alaska (2.4 percent).
According to TransUnion, the Granite State’s average mortgage borrower debt for the second quarter was $176,246 — 21st out of 51. In the first quarter, average debt was $179,488 — the highest in the last five quarters.
New Hampshire’s average debt was significantly higher than Maine’s ($131,790) and Vermont’s ($138,454).
Massachusetts had the region’s highest mortgage debt at $232,271, followed closely by Connecticut ($229,058) and Rhode Island ($194,853).
The credit reporting agency said the average national mortgage debt per borrower dropped to $193,811 from the previous quarter’s $195,500. On a year-over-year basis, the second-quarter 2009 average represents a 0.59 percent increase over the second quarter 2008 average mortgage debt per consumer of $192,681. — CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW