Loan Performance Insights – July 2023
July 27, 2023
The U.S. overall mortgage delinquency rate again dropped to an all-time low in May.
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The Office of the Chief Economist works on critical research and insights to gauge the temperature of the housing market as a whole. From home price analyses to home equity, from loan performance to single family rent evaluations, they keep tabs on the movement and fluctuation of bellwether metrics that can inform the trajectory of the housing economy–and consequently affect the homeowners who participate in it.
The U.S. overall mortgage delinquency rate again dropped to an all-time low in May.
U.S. single-family rent growth dropped to 3.4% in May, with Chicago posting the nation’s largest gain.
U.S. annual home price growth dropped to the lowest level in 11 years in May, though monthly gains are bouncing back.
Although nearly a dozen states saw overall mortgage delinquencies rise year over year in April, U.S. home loan performance remains very strong.
Although annual single-family rent growth dropped for the 12th straight month in April, costs are still up substantially since early 2020.
U.S. homeowners with a mortgage lost equity on an annual basis for the first time since 2012, but that trend may not last long.