by Calculated Risk July 8, 2024 12:16 PM
Today’s Calculated Risk Real Estate Newsletter: Fannie and Freddie: Serious delinquency rates for single-family homes fell in May, while multifamily homes increased slightly
excerpt:
The number of seriously delinquent loans for single-family homes decreased in May, while the number of seriously delinquent loans for multifamily homes increased slightly.
…Freddie Mac reported that the multifamily delinquency rate rose to 0.36% in May, up from 0.35% in April but down from a recent peak of 0.44% in January.
This chart shows Freddie’s multifamily severe delinquency rates since 2012. Delinquency rates remained high in 2012 after the housing bubble burst and the financial crisis.
The multifamily share has risen since the pandemic and has risen further recently as rent growth has slowed, vacancy rates have risen and borrowing rates have soared. The share rose sharply in January but then dropped in February and March. This will be something to watch as more apartments come on the market.
