Mortgages

Other investors could step into the breach as depositories depart, and the strain on nonconforming borrowers might not be that bad, recent forecasts suggest.

Higher interest rates helped drive down refinances by 87% and purchases by 42% compared to last year.

House hunting activity also slowed in December, with home tours declining 69% from the start of the year, a Redfin report found.

The 30-year fixed rate surged 15 basis points from a week earlier but ends 2022 at more than twice its mark from a year ago.

Sales of high-end homes fell 38.1% year-over-year, per a Redfin report.

The overall share of distressed mortgages fell in every state, but the effects of Hurricane Ian led to a small uptick in early-stage late payments compared to one year ago, CoreLogic said.

Kindred Home Loans will serve buyers of properties in Dallas and San Antonio markets.

Foreclosure starts also increased by over 19% between October and November but remain below pre-pandemic levels.

The partnership will expand UHM reach to new markets in Florida, Michigan, Ohio, North Carolina and California.

Loans with payments late by a year or more were the biggest sub-category within the distressed portfolios a year ago, but now mortgages that've been late for 30-59 days are.