Bank statement loans a particular area of weak loan performance, Fitch data show.
Tagged: mortgage delinquency
Most homeowners with a mortgage still able to make their payments on time in February, CoreLogic report shows.
The U.S. housing market posted an overall mortgage delinquency rate of 2.8% in January.
A total of 6,000 foreclosure sales were completed in February, a 9% decrease from January and the second-lowest level in the previous 12 months.
Despite overall stability, 17 states witness yearly increases; concerns arise over consumer credit performance amidst economic shifts.
National delinquency rate drops 5.48% while foreclosure starts increase.
The MBA says fourth quarter delinquencies climb.
Mortgage originations for 4Q 2023 hit $394 billion.
Unusual Sunday month-end contributes to delinquency increase; serious delinquencies dip, foreclosures reach 18-month low, and prepayments rise in housing market.
National delinquency rates show slight increase but remain low, as FHA and VA loans face rising delinquencies; GSE mortgages stay resilient amid overall positive mortgage performance trends.