Mortgage default rate rises to high not seen since fall of 2020
Eric Brown • March 12, 2019
The jump for second mortgages and bank cards was even more pronounced, according to indices published by Standard & Poor’s and Experian.
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The Federal Reserve Bank of Philadelphia also found that interest rate spikes are preventing modification programs from effectively reducing principal and interest payments as originally intended.
The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.
Home prices dropped again on a monthly basis in October, exacerbating the loss in home equity among recent buyers, but the size of the falloff was the smallest since June.