Rising Mortgage Defaults: A Continuing Trend

Mortgage defaults are beginning to appear in the market, according to a broker. This indicates that the trend of increasing mortgage defaults is continuing.

Mortgage Default Trends

Mortgage defaults have been on the rise in recent years, with an estimated 8.5 million mortgages in default as of 2019. This is a significant increase from the 5.2 million mortgages that were in default in 2016. The trend has been attributed to a variety of factors, including rising interest rates, job losses and stagnant wages. Additionally, more than 1 million homeowners are at least 90 days behind on their mortgage payments, representing an increase of nearly 20 percent since 2018. These troubling trends indicate that many homeowners are struggling to keep up with their mortgage payments and could be at risk of foreclosure if they don’t take action soon.
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Picture source: Richard Horvath