So there has been a lot of talk about how the housing market is declining. I have seen a lot of Tiktok about how other cities are having foreclosures. I found this from the Mortgage source.
“Mortgage delinquencies increased across all three major loan types – Conventional, FHA, and VA – in the last three months of the year,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “The most pronounced uptick was with FHA loans, which reached a delinquency rate of 11.52 percent, the highest level since the second quarter of 2021. While earlier-stage FHA delinquencies remained relatively flat compared to the previous quarter, later-stage, 90+ day delinquencies increased by 76 basis points. The FHA foreclosure inventory rate also grew to the highest level since the first quarter of 2020.”
Added Walsh, “The fourth quarter results may have been impacted by the expiration of pandemic-era, FHA relief options as well as disparities in the labor market – a key determinant of mortgage delinquency levels.” From MBA.org
What the numbers are telling us?
If you watch the Youtube video I made on this, it is so interesting to see how the numbers came out over the past year. We have dropping numbers of home sales in the under 400k brackets, but 400k to 600k sales have gone up. I found this was probably do to the new construction homes filling the gaps in the inventory.
With all the doom and gloom being put out there, only some of the numbers are supporting this. When we did the foreclosure search video down below, we didn’t see a jump in distressed home listing jump.
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