Personal Debt

Housing Ended 2022 Strong, But Delinquencies Will Rise In 2023

Posted on by TMN Editor
Despite the market correction, housing ended 2022 on a strong note, CoreLogic reports. Delinquencies and foreclosures were historically low throughout 2022 and remained that way at year-end, with both seeing only minor upticks in December compared to the previous six months. Both hit their bottoms in early 2022 and have barely moved since. Only 3% of all mortgages in the U.S. were in some stage of delinquency, including in foreclosure, with a 0.4% decrease YOY and less than a 0.1% increase month-over-month. Serious delinquencies fell 0.7% YOY, accounting for 1.2% of mortgages compared to 1.9% in December 2021 and a high of 4.3% in August 2020. Adverse delinquencies also dropped, down 0.1% YOY to 0.3%. Homeowners are beginning to feel…

Record-High Down Payments See Moderation

Posted on by TMN Editor
Buyers are paying record-high down payments thanks to the combination of soaring prices and high competition, but they may see a reprieve soon, according to new data from Redfin. The typical U.S. mortgage borrower in July put down $62,500, up 13.6% YOY and nearly twice the growth in home sales prices. It’s also nearly double the median $32,917 down payment from July 2019, before the pandemic. Down payments have fallen slightly since peaking at $66,000 in May and June, due in part to the cooling market. Just under 59% of buyers who used a mortgage had a 10%-plus down payment, up from 57.5% a year ago but down from a peak of 60.5% in May. “Homebuyers don’t need to make…