Delinquencies on Jumbo Mortgages Rise in California
NEW YORK -- Delinquencies on California jumbo home mortgages in June rose to their highest levels this year as prices of homes fell at the high end of the market, said Moody's Investors Service Inc.
Moody's High Balance Mortgage Credit Index shows that 2.47% of California homeowners were 30 days or more delinquent on their loans, up from 1.56% in March.
California's delinquencies stayed below those in the Northeast. Moody's said 5.11% of jumbo mortgages were a month or more past due in the New York-New Jersey-Connecticut area. The rate has been virtually steady all year.
Jumbo mortgages, which exceed U.S.-agency purchase limits of $191,250, are most common in California and the Northeast.
Home foreclosures in the Northeast rose to over 2% in June from 1.55% in January, Moody's said. California's disclosure rate has held relatively steady at 0.33%.
About 4.86% of adjustable-rate loans surveyed by Moody's were 30 days or more delinquent in June, about even with the first five months of the year. Fixed-rate jumbo loan delinquencies also were little changed, at 4.06%.