Date published: January 1, 2011
Chicago-based TransUnion LLC is forecasting a significant improvement in 6o-plus-day mortgage delinquencies for 2011. The company released its forecast on Dec. 7 and it calls for the 60plus-day delinquency rate to drop by nearly 20 percent by the end of 201 1. That would build on the improvement already begun in 2010. The company projects that the 60plus-day delinquency rate will have declined by 9.87 percent from year-end 2009 to year-end 2010 once final numbers are tallied.
This forecast marks a sharp departure from the increased 60day delinquency rates that prevailed from 2006 to 2009. Over that period, TransUnion found yearover-year increases of 54 percent between 2006 and 2007, 53 percent between 2007 and 2008 and 50 percent between 2008 and 2009.
TransUnion is projecting at least double-digit declines in mortgage delinquencies for every state and the District of Columbia throughout this year, according to a press release. "Interestingly, the states projected to experience the greatest decreases in mortgage delinquencies - Nevada (-24.77 percent), Arizona (-24 percent) and Florida (-23.90 percent) - are the same areas expected to have the highest 60-day mortgage delinquency rates at the end of next year (Florida - 1 1.06 percent; Nevada - 10.87 percent; Arizona - 7.59 percent)," according to TransUnion.