Orange County Late Mortgage Rate Down from Last Year

As we continue to climb out of this economic mess, more good news starts to circulate. The fact that more and more people are able to keep their mortgage above water is just more proof of our theory: people without jobs can’t buy or keep their homes. Continue to support companies that work in California so we can all continue to live in California.

Los Angeles Business from bizjournals
Date: Monday, June 6, 2011, 12:00pm PDT

About 6.6 percent of Orange County home-loan borrowers were more than 90 days late on their home payments in March, according to an Orange County Register report citing figures from CoreLogic.

The figure is an improvement from a year ago when 7.9 percent of home-loan borrowers were more than 90 days late, and better than the state’s overall figure of 8.7 percent. California’s 90-plus day delinquency rate was 11 percent a year ago.

The 90-day delinquency rate is considered a key indicator of future mortgage problems because it reflects late payments before a formal foreclosure process begins.

CoreLogic’s report also shows the O.C.’s foreclosure rate in March was 2.23 percent, down slightly from 2.39 percent a year ago. California’s foreclosure rate was 2.96 percent, compared with 3.16 percent a year ago.

In addition, 0.51 percent of homes in Orange County were repossessed by banks as real estate owned, or REO, in March, up from 0.36 percent. In California, the figure was 0.92 percent, up from 0.82 percent a year earlier.

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