Roughly 1/3 Of U.S. Households Missed Their July Mortgage Payment
For all the news of strength in the housing market - new home sales and mortgage applications, in particular - existing homeowners are having a lot of financial struggles.
This CNBC article says that nearly 1 in every 3 U.S. households failed to make their July mortgage payment. Maybe there are a lot of potential homebuyers out there ready to take advantage of record low interest rates in order to buy, but if existing homeowners can't make their monthly payments, there's a significant disconnect here.
I don't know if we'd see another housing bubble bust like we did during the financial crisis, but the market seems to be underpricing the risk associated in this sector.