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Earlier this week Freddie Mac released the delinquency break-down with job loss as the number one reason for missed payments  among borrowers who had good credit.  In fact, 58% of borrowers who went delinquent last year blamed reduced income or unemployment.

For the rest of the delinquent borrowers, 16% said their payments were too high to bear, 11% pointed to illness or death, 5% blamed marital problems, 3% said the property was unable to sell, 2% due to job transfer, and 1% due to property defects.

The number of Freddie Mac loans that are more than 90 days delinquent is growing.   Worse is the lack of improvement in the rates of loans that roll from 30 days delinquent to 60 or 90 days+, according to LPS Analytics.

With San Joaquin Counties unemployment approaching 15%, many people in our area are in this range of statistics from Freddie Mac. 

John Meyer