More Than A Number

As speculation mounts that moves by the Federal Reserve will cause a rise in current mortgage rates, the housing market continues to show signs of trouble. The Dallas Morning News reports that according to third quarter figures by the Mortgage Bankers Association, nearly 10 percent of all Americans with mortgages were behind on their home mortgage payments.

The report also noted that five percent of all Texas mortgage loans were projected to fall 90 days or more delinquent by the end of September and that roughly two percent of all Texas home owners were in foreclosure – a number that was still half of the national foreclosure rate.

"Despite the recession ending in midsummer, the decline in mortgage performance continues," Mortgage Bankers’ economist Jay Brinkman said in the report. "Job losses continue to increase and drive up delinquencies and foreclosures."

Mississippi had the highest delinquency rate of any state at 14.4 percent with Nevada (14 percent) and Georgia (12.93 percent) behind.