Fannie Mae reported that the single-family serious delinquency rate is down 0.54% in July.Housing expert Bill McBride pointed to the data as reason not to expect widespread home price declines.doesn't look like it will see widespread price declines in the near future, according to the some of the latest mortgage delinquency data.
In July, the rate of single-family mortgages that were considered "seriously delinquent"—defined as late on payments by 90 days or more, or already in foreclosure—was unchanged month-over-month at 0.56%, according to Freddie Mac, though the rate was down annually from 0.73% since July 2022. For Fannie Mae, the other government-backed mortgage finance giant, serious delinquencies fell to 0.54% in July from 0.55% in June., veteran real estate expert Bill McBride pointed out that this is the lowest rate since before the housing bust of 2008, as well as below the pre-pandemic low of 0.60%.
"Freddie's serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic," McBride wrote.The decline in serious delinquencies point to low rates of foreclosures, which in turn suggest stable prices. Homes that are sold in foreclosure are often priced lower, as lenders are aiming to make their money back.
It's worth noting, too, that the numbers from Fannie Mae and Freddie Mac are highly representative of the US mortgage market as a whole, as a majority of mortgages—65%, by the Fed's calculations—are packaged into mortgage-backed securities issued by the two agencies."Since lending standards have been solid and most homeowners have substantial equity there will not be a huge wave of single-family foreclosures this cycle.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Herkunft: BNNBloomberg - 🏆 83. / 50 Weiterlesen »
Herkunft: YahooFinanceCA - 🏆 47. / 63 Weiterlesen »