According to an estimate by TransUnion, delinquent NYC mortgages are set to nearly double in 2009 from their 2008 figures. The company estimates that about 6% of New York City mortgage holders will be 60 days behind in their mortgage payments. The 60 day metric has grown since the 3rd quarter of 2006, and is the highest rate TransUnion has seen since it began tracking this metric, an indicator of impending foreclosure.

Despite this large increase, New York City delinquency rates are among the lower rates for large cities that experienced dramatic real estate growth. Topping the list for 60 day mortgage delinquency rate are Florida, Nevada and California, where real estate prices boomed the greatest.

New York City foreclosures are already up over 50% since last year, egged on by large subprime mortgage lending in southeast Queens. The delinquency data suggests that the foreclosure rate should climb as we head into 2009.

This doesn't look good at all. If the delinquency rate is a true precursor of coming foreclosures, it looks like we have a lot of work to do in 2009 to get the New York real estate market back in shape.