Record-High Low-Income Homeownership; 2023 Non-QM Vintage Continue to Weaken

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Quick Insights

• Macro: While the Q4-2024 homeownership rate is at 65.7%, our preferred metric (measuring the ration between lower- to higher-income homeownership) hit a new record high of 68.2%.

• Overview: Impairments increased for the eighth consecutive month, rising 14 bps MoM.

• Deal Age Analysis: Cure and Made Payment rates are weaker in the 2023 vintage (impacted by hurricanes) and remain lower for the 2022 vintage despite recent improvement, likely due to strong underwriting and limited modification relief.