New information on the number of jumbo prime loans that are delinquent was released and this morning on CNBC, David Faber covered the topic. Faber essentially explains the highlights from a new report from Fitch about the rising delinquency numbers for prime borrowers who have jumbo loans.
Currently across the nation, prime jumbo loan delinquencies that are more than 60 days late reached 9.2%
Loans are from '06, '07 generally
The states with the highest delinquency rates include California, New York, Florida, Virginia, New Jersey
Negative equity seems to be more of a predictor of delinquency than even when someone loses their job
As the number of jumbo prime loans that are delinquent goes higher, it may not be a good sign of those things to come in the housing market.