Mortgage delinquency rates
... have been rising and that isn't a big surprise.
The Wall Street Journal has a fascinating interactive map showing changes in the mortgage delinquency rates for the last 10 quarters going back to the fourth quarter of 2005.
South Carolina always seems to be a little behind on payments in good times and bad. Here is what I mean.
Q1 2006 3.20% 6th in country
Q1 2007 3.20% 15th in country
Q1 2008 4.13% 15th in country
It's especially interesting to see the changes in states over a period of time. As you would expect, Florida and Nevada currently have the highest delinquency rates .
The Charleston real estate market enjoyed very nice appreciation during the real estate boom years but not on the scale that the most overheated markets experienced. It's one of the reasons that prices have held more steady in Charleston than elsewhere and although there are more homeowners who are delinquent on their mortgage payments than a year or two ago, the rate has not skyrocketed and fully 96% of all homeowners are making their payments on time.
Why is the focus always on the 4% who are delinquent rather than the 96% who are making timely payments.