Homeowners who are unable to make mortgage payments risk losing their homes and damaging their credit. A large number of foreclosures in one neighborhood can destabilize an area; when homes that have been foreclosed upon sit empty and do not receive necessary maintenance, the deteriorating buildings contribute to a "broken window" environment and negatively affect neighboring residences.
Source: Analysis of LPS Applied Analytics data by Local Support Initiatives Corporation (LISC)
Serious delinquency rate: Percent of all mortgages either 90 or more days delinquent or in the foreclosure inventory in the reference month.
Foreclosure rate: Percent of all mortgages in the foreclosure inventory in the reference month. Mortgages in the foreclosure inventory include those in foreclosure and bankruptcy foreclosures prior to auction or trustee sale.
90+ day delinquency rate: Percent of all mortgages 90 or more days delinquent and have not yet entered into judicial or non-judicial foreclosure in the reference month.