WRE News May 23, 2023
Buyer
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.56% by the end of the first quarter of this year, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. This represented a 40-basis-point drop from the previous quarter and a 55-basis-point year-over-year decline.
“The mortgage delinquency rate fell to its lowest level for any first quarter since MBA’s survey began in 1979 and was the second lowest quarterly rate overall, just 11 basis points above the survey low in the third quarter of 2022,” said Marina Walsh, MBA’s vice president of industry analysis. “Mortgage delinquencies and the unemployment rate continue to track each other closely, with the unemployment rate in April falling back to the 54-year low of 3.4% set in January.”
The percentage of loans on which foreclosure actions were started in the first quarter rose by 2 basis points to 0.16%. By loan type, the total delinquency rate for conventional loans decreased 34 basis points to 2.44% over the previous quarter while the FHA delinquency rate decreased 134 basis points to 9.27% and the VA delinquency rate decreased by 18 basis points to 3.98%.
“Consistent with the resilient job market, the performance of existing mortgages is exceeding expectations. Across all states, there was an improvement in the first quarter compared to one year ago,” added Walsh. “Year-over-year delinquencies for all product types – FHA, VA, and conventional – were also down.”
Stay up to date on the latest real estate trends.
December 20, 2024
Children of baby boomers are set to be on the receiving end of one of the largest generational wealth transfers in history as their parents prepare to bequeath them a … Read more
December 20, 2024
The title insurance industry generated $4.3 billion in title insurance premiums during the third quarter, according to new data from the American Land Title Associatio… Read more
December 20, 2024
When Olympic swimmer Michael Phelps wakes up in the morning, he asks himself how he can be his best self that day, not only for his own mental health, but also for his… Read more
December 20, 2024
When you sell your house, ideally, you want it to go something like this: your house sells for top dollar, you get it sold quickly, and it all goes down without a hitc… Read more
December 20, 2024
December 19, 2024
As someone who loves to host holiday meals, I enjoy letting my creativity run wild by setting the table in festive, unexpected ways.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today