The national picture is not good, reports the Associated Press. Late payments climbed to a 2 1/2 -year high in the final quarter of 2005 mainly because of the problems in the Gulf Coast region. Elsewhere, rising energy prices also squeezed homeowners, say observers.

The Mortgage Bankers Assn., in its quarterly mortgage survey, reported Thursday that 4.7 percent of all mortgage payments tracked were 30 or more days past due. In Clark County, however, the delinquency rate has fallen compared with the previous year, reports the Review-Journal. The rate did rise slightly compared to the 3rd quarter of 2005. And the local delinquency rate is barely above 3 percent, far better than the national average.

“We have been expecting an uptick in delinquencies due to a number of factors: the seasoning of the loan portfolio, the increased share of the portfolio that are adjustable-rate mortgages and sub-prime mortgages, as well as the elevated level of energy prices and rising interest rates,” Doug Duncan, the bankers association’s chief economist tells the news service.

No real numbers on how much of the problem is caused by the burgeoning sub-prime lending market where borrowers with less than stellar credit pay higher rates. The various ARM and balloon mortgages may also be causing problems as rates rise. So it’s another case of one man’s problems presenting others with an opportunity.