Q1 FORECLOSURE VOLUME, DELINQUENCIES TREND UPWARD

via themortgagepoint.com—According to the Mortgage Bankers Association ‘s (MBA) National Delinquency Survey, at the end of Q1 of 2025, the delinquency rate for mortgage loans on residential properties with one to four units rose to a seasonally adjusted rate of 4.04% of all outstanding loans.

The delinquency rate increased by 10 basis points from a year ago and by six basis points from Q4 of 2024. In Q1, the percentage of loans on which foreclosure actions were initiated increased by 5 basis points to 0.20%.

“There were mixed results for mortgage performance in Q1 of 2025 compared to the end of 2024. Delinquencies on conventional loans increased slightly, while mortgage delinquencies on FHA and VA loans declined,” said Marina Walsh, CMB, MBA’s VP of Industry Analysis. “Foreclosure inventories increased across all three loan types, and particularly for VA loans.”

MBA’s Q1 of 2025 National Delinquency Survey — U.S. Highlights

For all outstanding loans, the seasonally adjusted mortgage delinquency rate rose in comparison to the previous quarter. The 30-day delinquency rate rose 11 basis points to 2.14%, the 60-day delinquency rate dropped 3 basis points to 0.73%, and the 90-day delinquent bucket dropped 2 basis points to 1.17%, according to stage.

Compared to the previous quarter, the overall seasonally adjusted delinquency rate for conventional loans rose by 8 basis points to 2.70%. Seasonally adjusted delinquency rates fell 41 basis points to 10.62% for the FHA and 7 basis points to 4.63% for the VA.

Overall mortgage delinquencies for all outstanding loans rose year-over-year (YoY). Compared to the prior year, the delinquency rate rose 8 basis points for conventional loans, jumped 23 basis points for FHA loans, and fell 3 basis points for VA loans.

Loans that are at least one payment past late are included in the delinquency rate; however, loans that are in the foreclosure process are not. At the conclusion of Q1, the percentage of loans in the foreclosure process was …READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are thirty-nine (39) active listings in the Miami Springs/Virginia Gardens market this week, a decrease in inventory following a 4-year high. Increased inventory is better for Buyers. Prices remain strong for Sellers but we are seeing more price decreases on an active listings. Values remain strong in Miami Springs and Virginia Gardens. There are fifteen (15) active listings over one-million dollars. Twenty-two (22) of the active listings (more than half!) have had a price reduction, nine (9) this week. There are two (2) new pending sales this week.

We are truly in a unique market. Despite interest rates and strong prices, there are still many qualified Buyers out there, although demand has slowed. Sales activity has slowed down a bit this year. We had been transitioning to a more neutral market. However, there is a practically nonexistent number of entry-level homes (i.e. under $600,000), which makes it difficult for some buyers. Current interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7%. Rates are expected to fluctuate between 6-7% this year. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 66 days. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There is one (1) listing priced between $500,000-$600,000; seven (7) listings are priced between $600,000-$700,000; nine (9) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; thirteen (13) between $1-2 million; and two (2) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of May 9, 2025 through May 16, 2025, there were reported 1 new listing, 4 closed sales, 2 pending sales, 3 active with contract, 1 expired listings, 0 cancelled listings, 0 temp off market, 9 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of May 16, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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