According to a report released by TransUnion, Hawaii residents carried the third highest mortgage debt ratio per borrower. The data, collected for the fourth quarter of 2012, stated that the average mortgage debt was $315,721. This was significantly higher then the national average of $186,785. On a positive note, however, the average delinquency rate for the Hawaiian Islands decreased from 4.8 percent to 4.66 percent. This was better then the national average delinquency rate of 5.19 percent.
Vice President of U.S. Housing for TransUnion, Tim Martin, stated, “The national mortgage delinquency rate experienced its largest yearly decline since the conclusion of the recession, though we still remain far above normal levels. The elevated delinquency levels that we still are experiencing are a result of older vintage loans — borrowers who haven’t been making their payments for a rather long time that are still in the system, inflating the overall rate. It’s not clear yet, but recently announced regulatory rules related to mortgage servicing may tend to slow down this process further.”
Washington D.C. had the highest average mortgage debt at $375,353 followed by California at $324,867. West Virginia had the lowest average mortgage debt at $104,143.
Source: Honolulu Star Advertiser, 2-13-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
