On today’s Hot Sheet, Byron Lazine unpacked ICE’s April Mortgage Monitor showing delinquency rates rising to 3.72%, up 7 basis points month over month and 20 basis points year over year, with 878,000 loans seriously delinquent or in foreclosure, the highest level since 2018 outside of pandemic disruption.
He also broke down Redfin’s analysis of a growing housing imbalance, with baby boomers holding 28% of large homes while millennial families with children own just 16%.
For today’s third topic, Byron reviewed Cotality’s latest data showing home price growth slowed to 0.5% year over year in February, with 13 states now seeing price declines and 70% of major metros still overvalued, down from 83% last year.
