NEW YORK (CNNMoney.com) -- Mortgage delinquencies will continue to rise over the next six to 12 months as home prices decline and economic conditions remain difficult, according to one forecast released Monday.

The Core Mortgage Risk Monitor (CMRM), an index of foreclosure risk compiled by real estate data analyzer First American CoreLogic, increased 16% compared with the same period last year.

CoreLogic analyzes house price trends, foreclosure rates, economic health factors and fraud propensity to predict the chances that future mortgage delinquencies will occur.

The index, which has increased over the last four quarterly reporting periods, is now 47% higher than it was in the first quarter of 2002 when the last recession was winding down.

Nationwide, the markets with highest levels of delinquency risk also had double-digit declines in home prices and weakening labor markets.

"House price depreciation factors are now outweighing economic stress factors," said Mark Fleming, CoreLogic's chief economist.

Rough months ahead for mortgage delinquencies translates into a longer loom in the Foreclosure market. As we continue to feel the crunch of Mortgage Lending Guidelines, more people are going into Foreclosure and less people are able to qualify for home loans.

Reports have shown our National Home Inventory has crept up in recent months. We were hoping for an inventory decline to help market corrections. Less inventory usually means more Buyers are competing for less homes in a given market. Average homeowners cannot compete with Foreclosure and Shortsale pricing. The backlash from the market conditions are battering the refinance sector.

Las Vegas is seeing an inventory decline in entry level housing, more specifically in areas hardest hit by Foreclosures.