Mortgage Delinquencies Set a NEW Record: Housing Market Bulletin

Mortgage Delinquencies Set a NEW Record: Housing Market Bulletin // US mortgage delinquency rates overall are much higher now compared to a year ago and this is a problem. Will they go up further? Are foreclosures going to increase? Or is the housing market recovering?

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To give you a housing market update, data Analytics firm, Black Knight reported today their monthly mortgage monitor report for March 2021 with some good news and bad news in regards to our US housing market. They reported that the delinquency rate for mortgages fell just over 16% from Feb to March 2021. “March saw the largest monthly decline among delinquencies in 11 years, and the second-largest monthly improvement ever recorded.” 30 days and 60 days late are both below pre-pandemic levels. However, 90+ days are nearly five times as much as one year ago.

Also, in today’s video share the latest news regarding mortgage loan forbearance. Black Knight reported that the number of homeowners in mortgage forbearance increased last week for the first time in 9 weeks. Approximately 240,000 forbearance plans are set to expire this week.

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr FRM is 3.10% and mortgage rates have been declining since April 1st, 2021 which is good news if you’re a homebuyer right now. Mortgage rates could remain relatively low in the near term given the fact that Fed Chairman Jerome Powell announced last week that they plan to keep the federal funds rate at/near 0% for the foreseeable future. This rate is tied loosely to mortgage rates. However, mortgage interest rates are expected to increase by year end.

Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or is your housing market predictions that the real estate market and home prices will continue to surge?

Options after forbearance: https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/help-for-homeowners/repay-forbearance/

My video about options after forbearance: https://youtu.be/RPvmn4mF7O0

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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
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More of My YouTube Videos:

Why Aren’t Home Prices Dropping? Housing Market 2020

BEWARE – Why I Cancelled My Mortgage Loan Forbearance Offer

Mortgage Loan Forbearance Update (5 MAJOR CONS of Mortgage Loan Forbearance & More):

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

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#forbearance #housingmarket #foreclosures