Written by John Lounsbury
Real estate analyst Keith Jurow says the U.S. housing market is not what it seems in what is widely reported by the media. Hidden beneath the publicly reported data which is showing a decade low in delinquencies is a cohort of mortgages in delinquency for many years yet still not foreclosed. These tend to be for high-priced real estate and, according to Keith, not properly reported in the current market data.
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While the data reported by media outlets using data from organizations like CoreLogic seems quite rosy, Keith explains in a recent interview on RealVision TV why the published reports are not telling the complete story. For a recent report from CoreLogic see How Low Can It Go? Overall Delinquency Rate Lowest In More Than 20 Years.
The CoreLogic reports do contain information about how delinquency reports vary considerably across markets, as shown in the graphic below. Some of these differences may reflect the “hidden” delinquency problems that Keith has been following.
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Here is the interview:
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Notes: Keith Jurow has been a GEI contributor. He is now a featured real estate columnist for MarketWatch. The date of this interview is 05 December 2019.
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