The metro region is feeling the effects of nationwide mortgage troubles, as a new data reveals the number of borrowers with mortgage payments at least 60 days late doubled or almost doubled — and in some cases tripled — in all counties in the region from the fourth quarter of 2006 to the same period in 2007.
In Arlington County, the rate jumped from 0.26 percent to 0.93 percent, and in Montgomery County, it increased from 0.56 percent to 1.58 percent, according to TransUnion, one of the country’s three major credit-monitoring companies. In D.C., the rate climbed from 1.15 percent to 2.19 percent.
In areas inside the Beltway, mortgage delinquency rates are much lower than the rest of the nation, while farther out, some rates exceed the national average of 2.99 percent.
In Prince George’s County, the rate stood at 4.47 percent at the end of last year, more than twice the 2.21 percent seen in the fourth quarter of 2006. Prince William’s rate also skyrocketed, from 1.40 percent to 4.47 percent. Fairfax County saw an jump from 0.62 percent to 1.63 percent, and Loudoun County witnessed a spike from 0.80 percent to 2.38 percent.
The rate differences correlate with house values, which have held steady in D.C. and the immediate surrounding areas, but plunged further out.
“The greater the decrease in property values, the higher the level of delinquency,” said Keith Carson, a seniorconsultant in TransUnion’s financial services group. When a person owes more than the property value, “the incentive to keep paying is diminished,” he explained.
