More Borrowers Behind

Published: Thursday, November 5, 2009 12:04 PM PST

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More borrowers are getting behind on their mortgage payments in San Diego County.

More than 8 percent of the county's mortgages were at least 90 days past due in September, according to new numbers released today by First American CoreLogic, a California-based housing and finance information firm.

That delinquency rate rose sharply from the same month last year, when just 5.1 percent of county mortgages were at least 90 days delinquent.

The percentage includes all loans for which borrowers are at least 90 days behind on payments, including homes that are already in foreclosure and homes that banks have already repossessed.

California's delinquency rate reached 9.6 percent, up from 6.1 percent in September 2008.

I looked at delinquencies broken down by loan type for this story.

-- KELLY BENNETT

2 Comments so far on this story...

People took out loans they cannot afford. This statistic is unsurprising. This is the result of a financially illiterate America, too busy watching "Bachelor" and "John and Kate," and other such nonsense, instead of paying attention to what's important.

Posted by Jack | reply to this comment
November 6, 2009 4:05 am

The recent article that reports that 43% of San Diego mortgages are underwater tells a more important story. A family may have a better job opportunity in Austin, Texas, but cannot afford to sell their home or even rent it out without loosing a lot of money. Consequently, they walk away from their home even if they can afford the monthly payments, and rent a nice big ranch in Austin. Their net worth over the long term will be much higher.

Posted by Donald | reply to this comment
November 8, 2009 12:07 pm

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