HUD reports shocking 100% surge in 90-day mortgage delinquencies.

A new report from HUD shows a massive spike in mortgage delinquencies among FHA first-time homebuyers. These mortgage delinquencies are likely to lead to more foreclosures at the end of 2024.

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The default rate on these mortgages is up to 11%. And has surged over the last year with the number of 90-day delinquencies now going up nearly 100% from their levels in 2019. Such a sharp rise in mortgage defaults implies that the US Housing Market could see more foreclosures over the next year.

Particularly in Sun Belt housing markets like Texas, Florida, Arizona, and South Carolina, where the defaults and inventory levels are rising fastest. That's because in these markets home prices are heavily overvalued, with many mortgage borrowers barely able to afford their payments.
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