Report: Number of delinquent home loans is higher than last year

April 13, 2010 - Despite the government's attempts to help struggling homeowners keep up with their mortgage payments, many of these individuals are still falling behind, new research suggests.

The most recent Mortgage Monitor report from Lender Processing Services found that although the number of delinquent home loans in the U.S. has decreased by 1.45 percent this season, these figures are still more than 21 percent higher than they were last year. Furthermore, the number of new problem loans now stands at its highest level in five years, according to the study.

Florida, Nevada, Arizona, Mississippi, California, New Jersey, Georgia, Illinois, Ohio and Indiana are the states with the highest delinquent loan rates, while North Dakota, South Dakota, Alaska, Wyoming, Nebraska, Montana, Vermont, Colorado, Washington and Minnesota have the lowest percentage of homeowners who are behind on their payments.

The researchers also examined the number of foreclosures throughout the country and determined a current rate of 3.3 percent. Currently, more than 1.1 million loans are at least 30 days overdue, which could put borrowers at risk of losing their homes.