Underwater mortgages at 6.67% for Q2

By Gary Linnell

ProWEB Wire (Industry News)

The number of mortgage borrowers who were underwater -- or 60 days or more behind on their payments was 6.67 percent in the second quarter, TransUnion reports.

This figure, which is compared with a rate of 5.81 percent in the second quarter of 2009, soars high above the historical average of 1.5 percent to 2 percent.

According to TransUnion, while the delinquency rate only dropped marginally from the first quarter, credit conditions in the housing sector have now begun to stabilize.