In Nevada, 24.4% of jumbo loans are 60-plus days delinquent or in foreclosure

Data released Tuesday, in conjunction with the American Securitization Forum, CoreLogic and Equifax, state that 25% of Alt-A mortgages are delinquent. This report uses data collected through September and focuses on trends within the Alt-A category between 2004 and 2008, as well as jumbo and option ARMs.

According to the market review, 10.5% of Alt-A loans that were current six months ago are now delinquent. Most of those have an increased loan-to-value ratio (between 140 and 160), meaning a higher risk attached to them. Approximately 40% of Alt-A loans originated in Nevada between 2004 and 2008 are more than 60-days delinquent or in foreclosure. Nevada is topped only by Florida, which has a reported 46.4% of issued Alt-A loans 60-days or more delinquent or in foreclosure. Twenty states have Alt-A delinquencies exceeding 25%.

Published by Stout Law Firm

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