The Minneapolis federal reserve Bank, covering Minnesota, Montana, North Dakota and South Dakota has unveiled a new tool to track mortgage performance per zip code.
“For many households, mortgage payments represent each month’s single largest living expense. If homeowners are dealing with job loss, medical bills, or other financial distress, they occasionally delay their mortgage payments, becoming delinquent on their mortgages even at the risk of losing their homes to foreclosure,” note the tool’s creators.
The goal of the tool is to enable policy makers to pinpoint at risk communities and target resources to prevent foreclosures and support sustainable homeownership-.
According to the data there was a sharp spike in delinquency rates during the pandemic, with a return to pre-pandemic norms still incomplete by the summer of 2021.
Using the tool policymakers and investors can evaluate different foreclosure and mortgage delinquency rates, as well as different types of loans.