More Minnesota homeowners struggled to make mortgage payments in February, according to new data from First American CoreLogic. In the Twin Cities metro area, 2% of outstanding mortgage loans were in foreclosure in February, an increase from a 1.4% foreclosure rate in February 2009. The number of people 90 or more days behind on their mortgage payment also increased. This February, 6.3% of mortgage loans were delinquent compared with 4.6% for the same period last year. Scott Anderson, senior economist for Wells Fargo, isn’t surprised. “The main variable that drives delinquencies is the unemployment rate, and it’s still near 30-year highs,” he said.
Most Popular Articles
The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.
HousingWire CEO Clayton Collins sat down with Association of Independent Mortgage Experts Chairman Anthony Casa to discuss some of the most pressing issues pertaining to the housing industry as the coronavirus that causes COVID-19 continues to create uncertainty within the market. HW+ Premium Content