Mortgage Delinquencies Creep Upward

Although remaining relatively low, mortgage delinquencies appear to be growing. According to recent data from financial services company Intercontinental Exchange, mortgage delinquencies grew year-over-year by 14%, driven primarily by a surge in Federal Housing Administration loan delinquencies, which rose by 63,000. Additionally, the end of a Department of Veterans Affairs foreclosure moratorium contributed to a slight annual rise in both foreclosure inventory and sales, both of which rose for the first time in two years.

Disaster events, such as hurricanes and wildfires, have led to YoY delinquency increases across several states, including Florida (+44 bps), South Carolina (+17 bps), Georgia (+14 bps) and California (+10 bps). Read more