The current recession isn’t like the last one, at least not yet. Boston real estate are prices are steady or going up instead of down. There is more new construction too but not affordable new construction in the metro area.
The number of FHA loans with late payments rose to almost 16% in the second quarter, up from about 9.7% in the previous three months and the highest level in records dating back to 1979, the Mortgage Bankers Association said Monday.
There is a federal forbearance program and an excellent resource for people in downtown Boston who are struggling to make those mortgage payments.
The delinquency rate for conventional loans, by comparison, was 6.7%.