Early stage mortgage delinquencies jumps too highest rate in four years.

The delinquency rate for the US is right around 6.1%

All states have shown increases in the overall delinquency rates.

Let's review loan performance for home mortgages in the US and discuss implications. We get expert review on how this could impact the housing market in the US in the future.

This year we find 6.1% of house mortgages are in Delinquency. mortgage delinquency is defined as 30 days or more past you which does also include those in foreclosure. This is the highest number that people have been behind on their mortgage payments since 2016.

What does it mean If the mortgage is delinquency rate is high?

Simply the mortgage delinquency rate is a predictor of how many homes will be foreclosed on If a significant number of harms are foreclosed on this can negatively impact the housing market. the negative impact can be seen Bye health values decreasing. the amount house prices decrease will be proportional to the number of homes that are foreclosed on. In the Great Recession We saw such a large number of foreclosures hence the massive drop in what houses were worth during that period.

Denver real estate investor and Architect, Courtney G stated “It is hard to predict how many people will be foreclosed on, and how low prices could go, as a huge part of this is due to the pandemic.  Obviously the more people that get behind and search for options to sell their homes fast the larger the impact. We are watching unemployment across many sectors and early stage delinquency rates to help us understand what might happen in the future.”

Should we be concerned at the current rate of mortgage delinquencies?

Since 2008 the percentage of mortgages 30 to 89 days delinquent in the nation has slowly declined from 4% down to roughly 2%. jumping to 6.1% should definitely be Pause to pause and look at the entire situation. “This is an acute change in the rate of delinquencies that could just as quickly be reversed with significant progress around the pandemic in solid leadership.” continued Courtney. “We will be monitoring the situation Closely to ensure we make the right decisions in the future.”

What do you think of the significant jump in Mortgage delinquencies? what changes will you and your team make in the short term to possibly compensate? Your comments would be greatly appreciated.