Delinquencies Rise to Highest Rate Since 2009 for Government Mortgages
• Delinquency rates rose in November for government-backed loans like FHA and VA loans, reaching highest non-pandemic levels since 2009 • About 1.8 million properties are 30+ days past due but not in foreclosure • Rate is still 64 basis points below pre-pandemic levels • Expert says rise in FHA delinquencies is "worth watching" but not cause for significant concern yet • FHA and VA loans account for 70% of lending to sub-660 credit score borrowers, in contrast to pre-2006 mortgages backed by private securities