Delinquency rates for mortgage loans increased in Q4 2024, reaching 3.98% for one- to four-unit residential properties, up 6 basis points from Q3 and 10 basis points from the previous year. Conventional loan delinquencies slightly decreased to 2.62%, while FHA and VA loans saw significant increases, with FHA delinquencies rising to 11.03% and VA to 4.7%. The gap between FHA and conventional delinquency...
Distressed & Foreclosure Analysis
Commercial foreclosures rose 11% from the previous month and 27% from the previous year, reaching 725 in December 2024, one of the highest levels in recent years. California led with 257 foreclosures, followed by New York with 73 and Florida with 67. The increase reflects financial strain in the commercial sector due to interest rates and economic pressures. Historical data shows cycles of distress and...
Hurricane Helene caused significant housing damage due to less robust construction standards in the impacted region. Estimated wind and storm surge losses for residential, commercial, and agricultural properties range from $3B to $5B....
The CARES Act, responding to COVID-19, implemented a moratorium on foreclosures and provided forbearance for federally-backed mortgages.Mortgage loans constitute ~70% of total US household debt, surpassing $12T, reflecting the significant role of housing in the economy....
Since 2021, Florida has implemented a law requiring condominium associations to set aside sufficient reserves for structural repairs, causing a wave of foreclosures across Broward County due to the combination of expensive repairs and rising insurance costs. The law will go into effect in 2025, but no comprehensive fixes have been promised to ease the burden of the reserve requirement. Continue to...
Mortgage application fraud declined 3.1% year-over-year in Q2 of 2023 compared to the second quarter of 2022, according to CoreLogic Mortgage Fraud Report. Though fraud risk levels have been holding steady since last year, the report found that 0.75% of all mortgage applications were estimated to contain fraud – about 1 in 134 applications, with two-to-four unit properties posing the highest risk of...