California delinquencies continue to rise
California Housing Crash, The Economy, Real Estate August 25th, 2009
More bad news for the Golden State. According to the LA Times:
TransUnion expects the percentage of California home loans that are at least 60 days late or are in foreclosure to skyrocket to more than 14% by year-end.
Mortgage delinquencies will continue to rise and set records the rest of this year in California, according to projections to be released today by TransUnion, one of the three big U.S. credit-reporting companies.
California’s overall economic picture is worse than that of the country as a whole. The unemployment rate was 11.9% in July compared with the nation’s 9.4%. What’s more, the whipsaw of home prices from the housing boom and bust was exaggerated in California, leaving more borrowers than average “underwater,” or owing more than their homes are worth.
