Serious mortgage delinquencies are on the rise as homeowner stress spreads

What: Serious mortgage delinquencies rose **14.5%** in the past quarter, with **1.3 million** homeowners now behind on payments.
Why: Rising interest rates and stagnant wages are exacerbating homeowner stress, leading to increased delinquencies.
Signal: The current delinquency rate is **2.5%**, a significant increase from the **1.8%** rate a year ago.
Target: Banks and lenders are targeting **500,000** homeowners for potential loan modifications or refinancing options.
Risk: The rising delinquency rate poses a significant risk to the overall housing market, with potential impacts on property values and economic stability.