Fannie Mae Delinquencies Increased in January

Fannie Mae released its monthly summary (.pdf) for January yesterday. The news wasn't good. "Seriously delinquent" mortgages -- those with payments at least 90 days past due -- increased again to 5.52%. Calculated Risk provides the following utterly disturbing chart:

To better see how the trend has changed recently, I used the Fannie report and zoomed in on this data since January 2009:

If you really want to strain to find some good news in this awful trend, then I guess you can say that the slope of this curve began flattening in December. But that's really reaching. Severe delinquencies are still increasing. This shows that foreclosures are far from slowing; indeed, in the prime market, they should continue to increase according to this data.