by Calculated Risk on 11/04/2024 10:51:00 AM
Monday, November 04, 2024
ICE Mortgage Monitor: "Annual home price growth cooled for the seventh consecutive month"
Today, in the Real Estate Newsletter: ICE Mortgage Monitor: "Annual home price growth cooled for the seventh consecutive month"
Brief excerpt:
One of the key metrics to watch for mortgage stress is early-stage delinquencies. These are borrowers that are delinquent within 6 months of origination. This was one of the obvious warning signs during the housing bubble.There is much more in the newsletter.
There has been a steady increase in early-stage delinquencies for VA loans.
• Early-stage delinquencies – borrowers already past due six months after origination – have been gradually rising as well, most notably among VA originationsNote that national mortgage performance is being impacted by the hurricanes.
• Overall, 1.7% of 2024 vintage originations have been delinquent six months after origination, the highest share for any vintage since 2008 – outside of pandemic-era payment shocks