The delinquency rate for mortgage loans on residential properties in Wisconsin continues to increase, with subprime and adjustable-rate loans again accounting for most of the troubled mortgages.
But Wisconsin's worsening situation isn't as gloomy as the nation's overall housing picture.
The state delinquency rate was 6.41% during the quarter ending Dec. 31, an increase of 82 basis points from the quarter ending Nov. 30, according to information released Thursday by the Mortgage Bankers Association.
In addition, the rate of Wisconsin loans in foreclosure by the end of the quarter increased 25 basis points, to 2.82%.
Those rates are not seasonally adjusted, and delinquency rates normally show a sharp spike at the end of the year, the association said.
Subprime loans were again the leading culprit in the delinquency and foreclosure rate increases. But a larger number of prime mortgage loans were delinquent or in foreclosure - a sign that layoffs are affecting homeowners' ability to make home loan payments.
The delinquency rate for prime fixed-rate mortgage loans in Wisconsin increased 48 basis points, to 3.39%. For prime adjustable-rate mortgage loans, it increased 130 basis points, to 9.24%.
The delinquency rate for subprime fixed-rate loans increased 305 basis points, to 21.83%. For subprime adjustable-rate loans, it increased 355 basis points, to 26.81%.
The delinquency rates for Federal Housing Administration and Veterans Affairs loans were 13.86% and 8.88%, respectively - up 110 basis points for FHA loans, and up 113 basis points for VA loans.
But Wisconsin's worsening situation isn't as gloomy as the nation's overall housing picture.
The state delinquency rate was 6.41% during the quarter ending Dec. 31, an increase of 82 basis points from the quarter ending Nov. 30, according to information released Thursday by the Mortgage Bankers Association.
In addition, the rate of Wisconsin loans in foreclosure by the end of the quarter increased 25 basis points, to 2.82%.
Those rates are not seasonally adjusted, and delinquency rates normally show a sharp spike at the end of the year, the association said.
Subprime loans were again the leading culprit in the delinquency and foreclosure rate increases. But a larger number of prime mortgage loans were delinquent or in foreclosure - a sign that layoffs are affecting homeowners' ability to make home loan payments.
The delinquency rate for prime fixed-rate mortgage loans in Wisconsin increased 48 basis points, to 3.39%. For prime adjustable-rate mortgage loans, it increased 130 basis points, to 9.24%.
The delinquency rate for subprime fixed-rate loans increased 305 basis points, to 21.83%. For subprime adjustable-rate loans, it increased 355 basis points, to 26.81%.
The delinquency rates for Federal Housing Administration and Veterans Affairs loans were 13.86% and 8.88%, respectively - up 110 basis points for FHA loans, and up 113 basis points for VA loans.
