The state of Hawaii currently ranks 20th in the nation when it comes to percentage of homeowners who are delinquent on paying their mortgages. Delinquency rate in the third quarter was at 5 percent, based on families who missed two or more payments during the period.
Still though, Hawaii fared better than much of the rest of the nation. TransUnion said Tuesday the 5 percent of Hawaii mortgage holders who were late with their payments by 60 days in the third quarter was an improvement from 5.28 percent in the third quarter of 2010.
Hawaii’s average mortgage debt per borrower of $334,606 was third highest in the country behind the District of Columbia, $374,241, and California, $339,546.
“Consumers in Hawaii, as in the rest of the country, were hit with several unanticipated shocks during the third quarter, including the U.S. credit rating downgrade, stock price declines, European debt concerns, stubbornly high unemployment, more downward pressure on home values and low consumer confidence,” said Tim Martin, group vice president of U.S. housing in TransUnion’s financial services business unit.
“All of this affects a borrower’s net worth and desire, or ability, to continue making house payments — especially if they are facing negative equity in their homes due to price depreciation.”
Florida had the highest delinquency rate at 14.08 percent, followed by Nevada at 12.39 percent and New Jersey at 7.60 percent, according to TransUnion, one of three major credit reporting agencies. The national average was 5.88 percent. North Dakota had the lowest delinquency rate at 1.47 percent.
The price of living in paradise is steep; we all know that. There had been a new law passed that cut down the foreclosures in Hawaii, however, that law was based on poor data, and was not written correctly. People sacrifice a lot to live here, so this statistic should come as no surprise. Still though, the fact that we are still down on the list (#20) remains a testimony to how hard the people of Hawaii work to keep their homes.
National Mortgage Delinquency Rates
1. Florida: 14.08%
2. Nevada: 12.39
3. New Jersey : 7.60
4. Arizona: 7.46
5. California: 7.29
20. Hawaii: 5.00
47. Wyoming: 2.95%
48. Alaska: 2.78
49. Nebraska: 2.36
50. South Dakota: 2.33
51. North Dakota: 1.47