Reported 26 days ago
The number of Americans with government-backed loans falling behind on mortgage payments has increased, raising alarms regarding economic conditions for lower-income households. Delinquency rates for Federal Housing Administration and Veterans Affairs loans hit 11.03% and 4.7% respectively, surpassing pre-pandemic figures. The persisting high-interest rates and challenges like inflation have disproportionately affected these borrowers, while higher-income individuals are also beginning to experience mortgage payment difficulties. Despite the rise in delinquencies, overall rates remain lower than during the 2008 financial crisis, yet increasing delinquencies in many metro areas suggest a broader issue.
Source: YAHOO