Tampa Bay's increase in mortgage delinquencies among largest nationwide
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Roughly 5.5% of Tampa Bay home mortgages were 30 or more days past due in November 2024, up from 3.3% a year earlier, per CoreLogic data shared with Axios.
Why it matters: Mortgage delinquencies are on the rise nationwide, which could mean monthly budgets are stretched and borrowers are slipping behind on payments, according to CoreLogic chief economist Selma Hepp.
The big picture: The national share of mortgages in delinquency (at least 30 days past due, including foreclosures) rose to 3.2% in November 2024, the highest since February 2022, per CoreLogic, an industry data provider.
By the numbers: Nearly 80% of U.S. metro areas saw delinquencies increase from a year ago, CoreLogic's data shows.
- Tampa Bay was among metros with the largest jumps (+2.2 percentage points) along with Asheville, North Carolina (+3.7), and Augusta, Georgia (+2.6).
Reality check: U.S. delinquencies remain historically low — nowhere near levels seen during the global financial crisis or the pandemic.
What we're hearing: Government borrowers may be feeling the squeeze more than conventional borrowers as inflation, rising debt, lower savings and other pressures mount despite a still-strong labor market, according to Marina Walsh, a vice president at the Mortgage Bankers Association.