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Mortgage delinquencies among some homeowners just spiked, spelling trouble

Posted by   /  February 15, 2017  /  No Comments

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By Diana Olick | CNBC

A troublesome signal just appeared in the housing market and could put taxpayers at risk.

Federal Housing Administration mortgage delinquencies jumped in the fourth quarter for the first time since 2006, the Mortgage Bankers Association reported Wednesday. The FHA insures low down-payment loans and is a favorite among first-time homebuyers.

The seasonally adjusted FHA delinquency rate increased to 9.02 percent in the fourth quarter from 8.3 percent in the third quarter, MBA data show. The jump, which followed the lowest delinquency rate since 1997, was driven by loans made since 2014 and early-stage delinquencies, those just 30 days past due.

It’s too soon to know if it is a blip or a trend, but the jolt is clearly a warning.

Continued:

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  • Published: 6 months ago on February 15, 2017
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  • Last Modified: February 15, 2017 @ 6:58 pm
  • Filed Under: Real Estate

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