An analysis of data for the nation’s 100 largest metropolitan areas reveals a 32 percent increase over a one-year period in the share of mortgages that are seriously delinquent, according to data from the Center for Housing Policy, the Local Initiatives Support Corporation and the Urban Institute.
Seriously delinquent mortgages are those that are delinquent 90 days or more or are in the foreclosure process. In March 2010, more than one in 10 mortgages in the 100 largest metropolitan areas were seriously delinquent – up from one in 13 mortgages in March 2009, according to a statement.
Out of the 366 metro areas in the country, Worcester ranked 118thin foreclosure rates; Pittsfield ranked 144th; and Barnstable Town ranked 181st.
"These new delinquency data confirm that the number of foreclosures is likely to continue to rise," said Jeffrey Lubell, executive director of the Center for Housing Policy. "By providing the first available information on foreclosure and delinquency rates for all 366 metropolitan areas in the nation, the Foreclosure-Response.org team hopes to raise awareness of the continuing challenge of mortgage foreclosures and encourage policymakers and practitioners to use both time-tested and innovative solutions to help address this challenge."
"The most rapid increases in mortgage delinquency occurred in metro areas where home prices are much higher than local incomes can afford," said Tom Kingsley, senior fellow at the Urban Institute. "The other factors associated with rising delinquencies were declining employment, plunging home prices and higher densities of sub-prime lending in the peak period from 2004 to 2006."





