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No, homeowner delinquency rates aren’t elevated

Housing Wire

Homeowner delinquency rates are rising from record low levels but arent even back to pre-COVID-19 levels yet. This weekend, there has been a lot of discussion on social media surrounding homeowners’ delinquency data. Some people are trying to imply that we have major stress in homeowner data.

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Struggling homeowners often don’t understand escrow

Housing Wire

The December Annual Escrow Awareness survey questioned 1,000 homeowners on how their escrow accounts would affect their mortgage payments. LERETA highlighted that 68% have experienced monthly mortgage payment increases due to rising property taxes and insurance premiums. And those who don’t understand are paying dearly.

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FHFA says it prevented 43K foreclosures in Q3, but new cases rose 27%

Housing Wire

The Federal Housing Finance Agency (FHFA) on Thursday announced that it initiated 43,459 foreclosure prevention actions in the third quarter of 2024, bringing the total number of homeowners helped to more than 7 million since the government-sponsored enterprises (GSEs) entered conservatorship in 2008.

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Many homeowners don’t understand how their escrow account works

Housing Wire

Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA. mortgage holders have an escrow account, LERETA reported. The average U.S. About 80% of all U.S.

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More homeowners might be ready to sell despite the lock-in effect: Redfin

Housing Wire

Despite the still-challenging rate environment, some homeowners might opt to bite the bullet and give up their low rate to move, according to a Redfin study. Nationwide, the share of homeowners with relatively low rates has fallen modestly from a record high of 92.8% of mortgaged U.S. in mid-2022.

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Mortgage applications rebound as mortgage rates drop

Housing Wire

Homeowners once again acted on the decline in rates, with refinance activity rising for the second straight week and up 105% from a year ago,” Kan said. He added that purchase applications rose for the sixth straight week to the highest levels since June.

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Homeowners with ultra-low mortgage rates ‘saved’ $600B, offset Fed hikes: Swiss Re Institute

Housing Wire

Mortgage market conditions presented over the past two years have muted the effectiveness of the monetary policy tightening by saving $600 billion for homeowners, accounting for about 2% of personal consumption spending since 2022, according to a report by two Swiss Re Institute senior economists. “A