The most recent data shows that there are 12% more people 30 days late on their mortgages than there were last year at the same time. The total is only 3.7% (versus 4.0% last month), 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 29% when compared to last year at this time. Again, the total is relatively low at 2.2%; 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.