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National Mortgage Debt Overview

By on November 21, 2014 in Market Updates

According to TransUnion’s Industry Insight report in the third quarter of 2014, the nation’s mortgage delinquency rate has decreased to 3.36%. This percentage represents borrowers with 60 days or more past due, another drop for the 11th consecutive month. A 17% drop from a year ago provides a promising recovery in 2015.

This chart from TranUnion shows the total mortgage account volume in millions.


The top 10 states that stood out with the least amount of mortgage debt owed compared with the nation’s average of $164,217 per person are:

1) West Virginia = $95,032
2) Mississippi = $101,459
3) Indiana = $102,979
4) Arkansas = $104,202
5) Oklahoma = $104,995
6) Kentucky = $105,914
7) Iowa = $107,499
8) Ohio = $109,348
9) Nebraska = $110,477
10) Michigan = $113,449

One of the states that is still recovering from the recession is Nevada with a share of 46.9%. A survey showed an average overall debt for American homeowners today owing up to a total of $209,000. U.S. residence without mortgages owe an average of about $11,600. Among the population today, there are currently only a total of 20% of the population without debt.

According to researchers, mortgage debt is usually common in higher cost and high-priced areas.

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About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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