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The southwest region of WA is currently leading the nation in long-term mortgage delinquencies
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According to the Reserve Bank of Australia’s bi-annual Financial Stability Review, more mortgage holders in WA are running into arrears by 90 plus days than in other parts of the country.
The area worst hit extends from Mandurah to Augusta in the south and past Albany in the east.
“According to securitised loan data (including self-securitised loans), the housing loan arrears rate remains higher in New South Wales than in other states, but increased more sharply in Western Australia and Queensland, rising by 12 and 18 basis points, respectively, over the year to January 2011,” the Financial Stability Review stated.
However, the situation has worsened in the first three months of 2011 as 30-day arrears rates jumped in both WA and Queensland.
According to a recent report by Fitch Ratings, Southwest WA was number one for long term delinquencies.
