California's housing market shows a positive trend in mortgage payments, with only 0.5% of mortgages 90 days late as of the second quarter, down from 0.6% in the first quarter. This rate marks an improvement from 0.2% during the stimulus cash period in 2023. Although delinquency rates have increased slightly, they remain significantly lower than the historical average of 2.8% since 2003 and much lower than the 13.2% peak during the Great Recession. Nationally, mortgage delinquencies are at 0.8%, with Florida facing the highest rate at 1.6%.
In California, only 0.5% of all mortgages were 90 days late as of the second quarter, which is an improvement from 0.6% in the previous quarter.
California's delinquent mortgage rate is significantly below the historical average of 2.8% since 2003 and has improved from the highs experienced during the Great Recession.
Nationwide, mortgage delinquencies stand at 0.8% in the second quarter, an increase from a low of 0.4% recorded in the third quarter of 2022.
Florida shows a troubling trend as its mortgage delinquencies rose to 1.6%, the highest level since the end of 2018.
#california-housing-market #mortgage-delinquencies #financial-data #federal-reserve #economic-trends
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