Mortgage delinquency rate lowest level since 1999 - Thanks Biden!

[bigrebnc1775]

This is a good thing

Its not true though.

 

[justoffal]

Its not true though.

It doesn't appear to be true in my area that's for sure. But I really haven't kept up on the repossessions and foreclosures so I don't know what's going on with them. My guess is that all the people who couldn't afford to pay have already been chased out of their homes and the ones that left are the ones that were able to make the payments. It makes the numbers in the percentages look good if you forget about the past.

 

[citygator]

It doesn't appear to be true in my area that's for sure. But I really haven't kept up on the repossessions and foreclosures so I don't know what's going on with them. My guess is that all the people who couldn't afford to pay have already been chased out of their homes and the ones that left are the ones that were able to make the payments. It makes the numbers in the percentages look good if you forget about the past.

There are more homes, owned by more people, than ever before and, in addition to all these owned homes, the delinquency rate is very low. It isn’t smoke an mirrors. It is years of strong vetting of loans after being burned back in 2009 plus a good market.

 

[John Edgar Slow Horses]

The lowest first times jobless claims in a long time.
Salaries over inflation.
We are going in the right direction.
Yet all the MAGA want it on a platter and not be held liable for their poor choices.

 

[bigrebnc1775]

It doesn't appear to be true in my area that's for sure. But I really haven't kept up on the repossessions and foreclosures so I don't know what's going on with them. My guess is that all the people who couldn't afford to pay have already been chased out of their homes and the ones that left are the ones that were able to make the payments. It makes the numbers in the percentages look good if you forget about the past.

only inevitable that as more Americans fall behind on their monthly car payments, the more they’ll get their vehicles repossessed.

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A recent study by Fitch Ratings found that more subprime borrowers were 60 days or more behind on their car payments than at any other time on record. After a couple of down years, vehicle repossessions are up by 20.4%, according to Cox Automotive.

During the pandemic, Americans received stimulus funds to spend on themselves and their cars. Subsequently, less people were missing their payments. However, when the free government money dried up, more people started to default on their auto payments and repossessions began to upturn.

Inflation, the cost of cars in general, and the borrowing rates being charged to buy them are causing an increase in delinquencies with no end in sight. While still less than pre-pandemic numbers, Cox Automotive estimated that 1.5 million vehicles will be seized by the end of 2023, up from 1.2 million in 2022.


According to Kelley Blue Book, the average price for a new car rose slightly in October (to $47,936), but prices have eased in 2023. The new car loan rate for September was 7.4% compared to the average rate of 6.9% at the beginning of 2023. The percentage of car owners that pay at least $1,000 a month jumped to 17.1% in the second quarter of 2023.

With a rise in delinquencies comes a rise in repos. In fact, The Auto Wire reported that lenders seem to be going after non-payers with unexpected gusto, offering incentives for repossessions and hinting that some are using bounties. For example, it was reported that Wells Fargo Auto is giving repossession agencies an extra $500 per vehicle to rope in car owners who have strayed off the payment path.

For many having a difficult time keeping up with payments, repossession can occur as soon as you default on your loan. Typically, you would need to be hiding from your lender’s messages and have an account at least 60 days past due for a creditor to begin the repossession process.

However, as the Federal Trade Commission notes, once you default, lenders in many states can repossess your vehicle “at any time, without notice, and come onto your property to take it.” Fortunately, most lenders want your money — not your car — and wouldn’t normally repossess it after one missed payment.

As is the case with any relationship — even a strictly financial one with a creditor — early communication is the key to solving any changes or payment concerns. In these fickle economic times, losing a car is a burden many Americans can do without, as is the loan default and credit hit on your record.

 

[bigrebnc1775]

The lowest first times jobless claims in a long time.
Salaries over inflation.
We are going in the right direction.
Yet all the MAGA want it on a platter and not be held liable for their poor choices.

You're stupid drunk