Delinquent FHA Mortgages Soar By Record 60% To All Time High

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This is NOT news I wanted to hear, but it is what it is . . . That is a Nasty uptick.

Delinquent FHA Mortgages Soar By Record 60% To All Time High

As a reminder, "mortgages that are in forbearance and have not missed a payment before going into forbearance don’t count as delinquent. They’re reported as “current.” And 8.2% of all mortgages in the US, some 4.1 million loans, are currently in forbearance according to the Mortgage Bankers Association. But if they did not miss a payment before entering forbearance, they don’t count in the suddenly spiking delinquency data."

Everything changed in April when there was a sudden onslaught of delinquencies according to CoreLogic, which came after 27 months in a row of declining delinquency rates. These delinquency rates move in stages – and the early stages are now getting hit, with the Transition from “Current” to 30-days past due suddenly soaring.

According to Bloomberg, New Jersey had the highest FHA delinquency rate, at 20%.