With home prices high and interest rates nearing 7%, mortgage debt is a growing burden on American families. But homeowners in some states are seeing this type of debt grow more than in others.
A new report from WalletHub found that homeowners in Maryland, Hawaii, and Nevada added the most mortgage debt between Q3 and Q4 2023.
The average household is $100,000 away from paying off their home, and the total mortgage balance in the U.S. is more than $12 trillion. But in Maryland, the average balance is $283,092 and rose by 1.23% in Q4 2023.
No other state saw an increase above 1% in the same period, and seventeen states saw decreases, putting Maryland at the top of the…
Delinquencies across the nation rose in February to 3.45% as economic pressures squeeze Americans, but remain down from last year, Black Knight reported.
Black Knight’s First Look at February 2023 data found that delinquent loans that are only a single payment behind overwhelmingly accounted for the increase. The 36,000 delinquency rise was driven by a 65,000 increase in first-time missed payments.
Delinquencies of 60 and 90 days both fell, down by 12,000 (-4%) and 17,000 (-3%) respectively.
Nearly all fifty states saw their serious delinquencies improve. On the other end, foreclosure starts also improved, breaking a streak of increases with a 9% dip. Starts remain almost 20% below pre-pandemic levels.
Active foreclosure inventory increased slightly and is up 15% from…
Total commercial and multifamily mortgage debt increased by $61 billion to $3.72 trillion in the first quarter of the year, according to a new report released Tuesday by the Mortgage Bankers Association. The latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report showed that multifamily mortgage debt increased by $28 billion to $1.6 trillion from the fourth quarter of 2019. “The rise in commercial and multifamily mortgage debt in the first three months of the year carried forward the strong level of activity during 2019. Rising property values, strong incomes and low interest rates supported increased borrowing and lending,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “With the onset of the COVID-19 pandemic, borrowing and lending has slowed,…
