The latest mortgage statistics show higher levels of delinquencies this year. Both short-term delinquency rates (30 days late) and more serious delinquencies (90 days plus late) are up when compared to the same period last year. However, foreclosure rates continue to be lower than they were last year.
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.