More mortgages are delinquent.
Mortgage delinquencies for one-to-four-unit residential properties increased slightly in Q1 2024, reaching 3.94% of all loans outstanding. But delinquencies didn’t rise across the board.
They declined for FHA loans and stayed relatively flat for conventional loans. VA loan delinquencies increased.
"Higher unemployment, lower personal savings, increases in property taxes and insurance, and a run-up in credit card debt and delinquency contributed to conditions that would make it tougher for some homeowners to make their mortgage payments," said Marina Walsh from the Mortgage Bankers Association. (MBA)
Although they are higher, the increase is nominal.
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