Mortgage delinquencies are going up because of the pandemic.
Overall, the rate for delinquencies is at just over 8%. And the rate of FHA loan delinquencies is at nearly 16%.
If you look at the states with the highest rate of delinquency, Florida is right at the top of the list, along with New Jersey, Nevada and New York.
So are we experiencing another housing market crash, like we did in 2008? Real estate attorney Justin Clark says absolutely not.
“The real estate market here is on fire,” he said. “Know this: We are not in a real estate collapse.”
So how do we justify people not paying their mortgages? And what does that mean for our real estate value here in Florida? Watch the video above to find out.