Report: Mortgage Delinquencies Hit 9-Year High As Pandemic Grinds US Economy Into Dust
- 4 years ago
While the pandemic has seen a surprisingly healthy real estate market for homebuyers, homeowners have begun having trouble paying their mortgage.
The Mortgage Bankers Association says mortgage delinquencies rose a seasonally adjusted 8.22% in the second quarter to a nine-year high.
Also, the delinquency rate for FHA mortgages, reserved for first-time homebuyers, jumped to a record high.
According to Business Insider, the report says delinquencies generally track closely with the availability of jobs.
The states with the highest surges in mortgage delinquency rates were New Jersey, Nevada, New York, Florida, and Hawaii.
Those are all states that have a large number of leisure and hospitality jobs, the industry hardest hit by the pandemic.
The Mortgage Bankers Association says mortgage delinquencies rose a seasonally adjusted 8.22% in the second quarter to a nine-year high.
Also, the delinquency rate for FHA mortgages, reserved for first-time homebuyers, jumped to a record high.
According to Business Insider, the report says delinquencies generally track closely with the availability of jobs.
The states with the highest surges in mortgage delinquency rates were New Jersey, Nevada, New York, Florida, and Hawaii.
Those are all states that have a large number of leisure and hospitality jobs, the industry hardest hit by the pandemic.