Mortgage Delinquencies Rise 15% as Households Struggle with Inflation and Higher Rates, Signaling Potential Surge in Foreclosures
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Mortgage delinquencies rose 15% year-over-year, signaling potential increase in foreclosures as households deal with inflation, low housing supply, and high rates.
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Delinquencies up across all stages - early, mid, and late - and all loan types, per TransUnion data.
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Foreclosure starts increased 15% from last year, indicating homeowners are reaching critical points in managing payments.
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Recent mortgage vintages showing higher delinquency rates earlier than past 4 years of loans.
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Total mortgage debt climbed to $11.8 trillion, though originations dropped 37% as refinancing dries up amid rate hikes.