A quarterly report issued by the Mortgage Bankers Association earlier this year revealed that nearly 9% of Wisconsin borrowers are in trouble: 5.75% of residential mortgage loans in the state were delinquent (at least 30 days past due) as of March 31 and an additional 3.11% were in foreclosure. Nationwide figures showed a record number of borrowers in distress: the delinquency rate was 8.22% and the foreclosure rate was 3.85%, a total of more than 12%. The situation is not likely to improve until unemployment stops rising, the report concludes. With unemployment not expected to peak until mid 2010, the performance of mortgages is unlikely to improve much until after that.
Press release from Mortgage Bankers Association
Milwaukee Journal Sentinel Report
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