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Mortgage arrears in the United States rose to 9.24 per cent in the last quarter, the highest rate recorded in more than 35 years.
According to figures from the Mortgage Brokers Association (MBA), 9.24 per cent of all outstanding US loans were in arrears for Q2 2009, up 0.12 per cent on Q1 figures and up 2.83 per cent on the same quarter last year.
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MBA said this is the highest rate of delinquencies it has ever seen.
The MBA also said that 1.38 per cent of all loans were in the process of being repossessed.
MBA chief economist Jay Brinkmann said the high rate of arrears was due to rising unemployment.
“As a sign that mortgage performance is once again being driven by unemployment, prime fixed-rate loans now account for one in three foreclosure starts. A year ago they accounted for one in five,” Mr Brinkmann said.
