The most recent data shows that there are 17% more people 30 days late on their mortgages than there were last year at the same time. The total is only 4.0%, which isn’t bad at all, but it is higher than last year.
Longer-term mortgage delinquencies are up as well. We define long-term delinquencies as people who are 90 days or more late on their mortgage payments. The latest data shows that long-term delinquencies are up 44% when compared to last year at this time. Again, the total is relatively low at 2.6%; however, the year on year rise is significant.
Although we have been awaiting a spike in foreclosures since Hurricane Irma, it just hasn’t happened. Foreclosures are still down 22% when comparing this year to last. When you put it all together, the mortgage statistics still point to a healthy real estate market. The video below shows the relevant statistics for our area.