Mortgage loan delinquencies increased for the eleventh straight quarter.  Payments on 6.25 percent of residential mortgages were sixty days or more past due during the third calendar quarter of 2009.  The delinquency rate during the second quarter was 5.81 percent.  Year over year, mortgage borrower delinquency is up approximately 58 percent from the delinquency rate of 3.96 percent during the third quarter of 2008.  These statistics are gleaned from approximately 27 million anonymous, randonly sampled, individual credit files.  These files represent approximately ten percent of U.S. consumers who have credit.

The highest delinquency rates were found in Nevada and Florida, while the lowest delinquency rates were found in smaller populated states like North and South Dakota and Vermont.

The average national mortgage debt per borrower dropped slightly from $193,811 in the second quarter to $193,121.  On a year over year basis, the third quarter 2009 average was up slightly from $192, 287 in the third quarter of 2008.

While it continues to be a positive sitgn that the increase in mortgage borrower delinquency rates has slowed for three consecutive quarters, we have to keep things in perspective.  Delinquency rates are rising and expected to peak at record levels.  Until the housing market can consistently demonstrate several months of home value appreciation and the unemployment rate improves, mortgage delinquencies will continue to rise.  Unfortunately, as delinquencies rise, home values likewise will become more depressed.