Rising Mortgage Defaults: A Growing Trend in the Market

Rising Mortgage Defaults: A Growing Trend in the Market

Mortgage defaults are beginning to occur in the market, according to a broker. This trend is expected to continue.

Mortgage Default Trend

Recent reports show that mortgage defaults are on the rise. According to the Mortgage Bankers Association, the delinquency rate for mortgages in the United States rose from 4.5% in April 2020 to 5.2% in May 2020. This is a significant increase of 0.7%, and it is the highest delinquency rate since November 2008 during the Great Recession. Additionally, foreclosures have also seen an uptick, with foreclosure starts increasing by 6% from April to May 2020. These trends indicate that more people are struggling to make their mortgage payments due to financial hardship caused by the pandemic.
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Picture source: Jason Blackeye

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