Mortgage delinquencies were largely lower in May, according to Standard & Poor’s Ratings Services, in yet more signs that housing-loan woes may have reached a peak. Recent data from numerous sources have shown either plateauing or small declines in delinquencies from the prior month. According to S&P, the under-performer in May was prime-rated jumbo loans, or mortgages of at least $417,000 at origination.
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Some housing pundits report the demand for housing is strong, while these same pundits, on another day say that we are in a housing affordability crisis. Can the two narratives be accurate at the same time?
U.S. existing-home sales fell in January, declining 1.3% from the previous month’s pace, according to the National Association of Realtors.