Mortgage Delinquencies Jump by Most Ever. ..... What a Mess.

[marmar]

Mortgage Delinquencies Jump by Most Ever. 60-Day Delinquencies Hit Highest Level Ever. Record 16% of FHA Mortgages Delinquent. What a Mess
by Wolf Richter • Aug 17, 2020 •

Includes mortgages already delinquent before they were swept under the big federal rug of extend-and-pretend forbearance programs.
By Wolf Richter for WOLF STREET.


The mortgage delinquency-and-forbearance mess keeps getting messier – in record-setting ways. At the same time, the record-low mortgage rates continue to push certain other segments of the housing industry toward ever greater exuberance. That contradiction became humorously obvious on the Bloomberg News Economics front page, where side-by-side these two headlines appeared:



The overall delinquency rate for mortgages on one-to-four-unit residential properties soared by nearly 4 percentage points (386 basis points) during the second quarter, and by June 30 reached 8.22% (seasonally adjusted), the highest in nine years, according to the Mortgage Bankers Association’s National Delinquency Survey.

This nearly 4-percentage point jump in the overall delinquency rate was the largest in the history of MBA’s survey going back to 1979. ................(more)

https://wolfstreet.com/2020/08/17/mortgage-delinquencies-jump-by-most-ever-60-day-delinquencies-hit-highest-level-ever-record-16-of-fha-mortgages-delinquent-what-a-mess/

[SheltieLover]

1. Omg!!!!!