Distressed

The difficult job of rebuilding communities pummeled by Hurricane Ian is expected to be made even worse by a problem that's lingered since the early days of the pandemic: snarled supply chains.

Three percent of all mortgages were 30 or more days past due on their scheduled payment or in foreclosure in July.

The month ended with 54,000 less properties for which the borrower was at least 30 days or more late on their payments, Black Knight said.

The Federal Housing Finance Agency's quarterly report said that the government sponsored enterprises prevented a total of 96,952 foreclosures

The Consumer Financial Protection Bureau's latest request for information floats the idea of an "auto-refi" and potentially extending pandemic-related options like forbearance for permanent industry use.

And the rate of distress in second-lien home loans ticked up from the previous month, according to Standard & Poor's Dow Jones and Experian.

Payment suspensions on loans securitized through the government-backed market stopped falling in May, plateaued over the summer, and reversed course last month, according to an industry trade association.

Roughly 16% of home loan borrowers likely have education debt, less than one-third of those may be distressed, Mr. Cooper executives told investors at a conference this week.

Still near historic low levels, the share of borrowers entering the early stages of delinquency in June increased 0.1 percentage point.

Completions in August remained far lower than before COVID-19 arrived in the United States but initial actions rose fast enough to potentially meet expectations that they'll normalize in 2023.