Home mortgage delinquencies — people falling behind on their mortgages — are increasing across the nation, including in Arizona.
While Arizona isn't among the top 10 states with the highest delinquency rates, they are increasing in the state by 0.12% over the last year, according to a new study by Cotality, a global data research firm.
The study found that rising property taxes and insurance payments are eroding the promise of long-term stability in homeownership, especially in states vulnerable to natural disasters.
For example, Florida tops all states in the nation with the highest year-over-year change in overall serious delinquency rates, increasing 1.43% in the last year, according to the Cotality study.
