In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Thursday, August 21, 2008

S&P: Home-Loan Delinquencies Keep Rising

by Calculated Risk on 8/21/2008 03:26:00 PM

Dow Jones reports (no link yet): Most Home-Loan Delinquencies Kept Rising In July

S&P said as of the July distribution date, delinquencies on subprime deals ... for 2006 and 2007 ... were up 2% to 7% compared with June.

For jumbo loans ... delinquency rates were up 5.6% to 13% from June, with the biggest increase from the 2006 vintage. Delinquency rates also increased for Alt-A deals, led by those originating in 2007.
Also Housing Wire reports on the Clayton InFront numbers for July: Subprime Delinquencies Surge in July
An early look at subprime RMBS performance in July, courtesy of Clayton Fixed Income Services, Inc., suggests that a recent lull in subprime delinquencies may be coming to an end. The percentage of subprime borrowers 60 or more days in arrears at the end of last month surged for both the 2006 and 2007 vintages, up nearly 7 and 11 percent compared to June, respectively.
...
Part of the reason, sources told HW Thursday morning, is a that a large volume of repayment plans put into place earlier this year for troubled subprime borrowers are now failing ...
And on Alt-A:
Alt-A delinquencies continued to worsen in July as well. The 2005 vintage — which should be seasoned by now — saw delinquencies jump an eye-opening 29 percent to 9.72 percent of remaining loans in the vintage ...