Mortgage delinquencies rose for the 11th straight time, to a new high in the third quarter, though the rate of increase again relaxed a bit, TransUnion LLC reported Tuesday.
"Until the housing market can consistently demonstrate several months of home value appreciation and the unemployment rate improves, mortgage delinquency will likely continue to rise," said F.J. Guarrera, vice president of the Chicago credit bureau's financial services division.
The ratio of borrowers 60 or more days past due rose to 6.25% in the third quarter from 3.96% a year earlier and 5.81% in the previous quarter.
The rate of quarter-to-quarter growth in delinquencies slowed for the third time in a row.
"Many of these delinquencies in places like Nevada, California and Florida will result in foreclosures, potentially keeping home values depressed in these areas," Guarrera said.
Mortgage delinquency rates were highest in Nevada (14.5%) and Florida (13.3%).
They were lowest in North Dakota (1.7%), South Dakota (2.3%) and Vermont (2.6%).
The biggest jumps in delinquency from the previous quarter were in Wyoming, Kansas and North Dakota — all climbing at least 16% from the second quarter — but the District of Columbia showed a slight decline.
The average national mortgage debt per borrower was $193,121, up 0.4% from a year earlier but down 0.4% from the previous quarter.
The area with the highest average mortgage debt per borrower was the District of Columbia at $359,788, followed by California at $354,510.
The lowest average mortgage balance was in West Virginia at $97,265.