High levels of unemployment keeps pushing the rate of mortgage delinquencies upwards, which could, in turn, raise personal bankruptcies and home foreclosures, according to monthly data from the Equifax Inc. credit bureau.
A record 7.58% of U.S. homeowners with mortgages were at least 30 days late on payments in August, up from 7.32% in July, according to the data obtained exclusively by Reuters. The rate of subprime mortgage delinquencies now tops 41%.
August marked the fourth consecutive, monthly, accellerating increase in mortgage delinquencies. Equifax data showed by comparison, 4.89% of mortgages were 30 days past due in August 2008, while in August 2007, the rate was 3.44%. August bankruptcy filings were up 32% from last year.
