"In another hit to the beleaguered housing market, a report out Monday found that the number of delinquent mortgage borrowers -- those who have missed at least one payment -- rose during the three months ended June 30.
The delinquency rate grew to 8.44%, adjusted for seasonal effects, up 0.12 percentage points compared with three months earlier. The non-seasonally adjusted increase was up 0.32 points to 8.11%.
The increase, as reported by the Mortgage Delinquency Survey from the Mortgage Bankers Association (MBA), may not sound like much, but it reverses a steady improvement in delinquencies that prevailed through most of the past two years.
"While overall mortgage delinquencies increased only slightly between the first and second quarters of this year, it is clear that the downward trend we saw through most of 2010 has stopped." said Jay Brinkmann, MBA's Chief Economist. "Mortgage delinquencies are now showing some signs of worsening."
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