Source: OC Register
Click for a larger version.
Click for a larger version. Source: OC Register
Mathew Padilla has an interesting take on mortgage delinquencies over at the O.C. Register. He looks at the 90-day delinquency rates in Orange County. The data charted above come from FirstAmerican Corelogic, and makes it seem like the foreclosure rate is only going to go up. It shows the 90-day delinquency rates, the foreclosure rates, and the rates of REOs (or real-estate owned, meaning the foreclosured properites on banks' books).
The 90-day rate includes mortgages that have been delinquent for at least 90 days, but aren't foreclosed yet. That rate just keeps on going up. Sam Khater, senior economist at First American CoreLogic, told the OC Register that government efforts have delayed some foreclosures, hasn't prevented many.
Of course, Orange County has been particularly hard-hit by the mortgage crisis, but this still could be an bad omen for the wider market — especially when combined with Deutsche Bank's prediction that nearly half of U.S. mortgages will be underwater by 2011.