The rate of missed payments have been high since June because of COVID-19.
Things are tough for anyone trying to purchase a house, with a double whammy of rising prices and increasing interest rates. Inventories are very low, and supply chain issues and labor shortages continue to complicate construction.
After more than a decade, the amount of household debt (including mortgages) has surpassed pre-Great Recession levels. Sometimes, an upswing in debt of certain types can be a negative signal, such as rising credit card debt in an economic downturn as people try to deal with financial setbacks such as job losses. However, rising debt can also reflect economic strength as increasing numbers of households are willing and able to purchase big-ticket items such as homes and cars.