Mortgage Defaults Impacting Market: Broker Warns of Potential Risks

Mortgage defaults are beginning to affect the market, according to a broker.

Defaulting on a Mortgage

Defaulting on a mortgage is a serious issue that can have long-term consequences. According to the Federal Reserve Bank of New York, the national mortgage delinquency rate was 3.7% in the first quarter of 2019, up from 3.6% in the fourth quarter of 2018. In addition, the Mortgage Bankers Association reported that foreclosure starts rose by 6% in April 2019 compared to March 2019. These numbers indicate that defaulting on mortgages is becoming more common as market conditions become increasingly uncertain. Defaulting on a mortgage can lead to serious financial hardship and even bankruptcy, so it’s important for homeowners to be aware of their options and take steps to protect themselves from potential defaults.
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Picture source: Karsten Würth