From the course: Economic Tips for Everyone
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Delinquencies and foreclosures
From the course: Economic Tips for Everyone
Delinquencies and foreclosures
- If you're worried about the housing market, keep an eye on mortgage delinquencies and foreclosures. Mortgage delinquencies happen when people aren't paying their mortgages. There are two periods for delinquencies. First, when people are 30 to 89 days delinquent. And second, when they are 90 or more days delinquent. If someone's delinquent long enough the homes might be foreclosed on. And a foreclosure is when a lender repossesses a home and forces its sale to recoup the value of that home's mortgage. There's always some level of delinquencies and foreclosures, but they can spike significantly during a period of broad-based weakness or in a housing crisis, which is what happened in the United States in 2009. Mortgage delinquencies also rose sharply after the outbreak of the COVID-19 pandemic. If delinquencies and mortgages are high enough, long enough, boom, you have the elements of a housing crisis, and you could find…
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