According to the U.S. Census Bureau,as of 2008, there were 51,487,282 housing units with a mortgage of some type and 23,875,803 without a mortgage. About 4.5 million of the 51.5 million mortgages in the U.S. are "seriously delinquent" (90 days or more past due) and some 1.6 million are in the foreclosure pipeline.
The nation's foreclosure rate increased in January to 3.19%, up 60.3% from a year ago, while the rate for seriously delinquent mortgages increased to 8.66%, an increase of 56.6% from 12 months earlier. In March, the nation's foreclosure rate just hit a five-year high.
A recent report from Bank of America (BAC) stated that 1.44 million of its mortgage customers are 60 days or more delinquent, roughly 14% of the company's portfolio of 10.4 million first mortgages.
The median mortgage payment is about $1,300 per month and the number of delinquent loans is at least 4.5 million, it is straightforward to extrapolate that those not paying their mortgages are "saving" almost $6 billion a month.
Our numbers here in Florida ain't too purty neither. Our 90-day delinquency rate is 19.39%, which means one in every five mortgages in the state is in default.
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