November sees sharp rise in U.S. mortgage delinquencies
Summary
Mortgage delinquencies rose sharply in November, potentially impacting homeowners' ability to pay. Hosts should monitor local economic conditions and anticipate possible shifts in booking behavior, especially regarding cancellations or payment issues.
Key Insights
- •The national mortgage delinquency rate rose to 3.85% in November, the highest in over four years.
- •Delinquency rates varied widely by state; Louisiana and Mississippi posted the highest share of non-current loans, both near 8.75%.
- •The inflow of newly delinquent borrowers was notable, with 609,000 homeowners who were current in October falling behind on payments in November, the largest single-month increase since May 2020.
Action Items
- ✓Monitor your local market and economic trends. Consider potential impacts on booking cancellations or delayed payments.Effort: lowImpact: medium
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