Housing/CRE distress: ICE July Mortgage Monitor confirms serious delinquencies + foreclosures up 185k YoY, student loan default projection 12.5M, mortgage rates 6.49%, foreclosures at 7-year high, REO discounts 27%, SCOTUS tax sale ruling, 49% under-30s living with parents, ROAD Act, Bronx foreclosure, NLIHC survey, Equifax consumer debt

ICE July Mortgage Monitor: serious delinquencies + foreclosures up 185k YoY, FHA stress concentrated, foreclosure inventory at 6-year high. Foreclosures hit 7-year high, REOs selling at 27% discount; Lake Charles leads with 10% foreclosure share due to hurricane legacy and insurance crisis. Student loan default projection: 12.5M borrowers potentially in default by end 2026 from SAVE phase-out and wage garnishment resumption. Mortgage rates 6.34-6.66% (currently 6.49%). ATTOM Q1 filings +26% YoY. Over 1.1M underwater homes. CMBS delinquency rate dropped to 7.35% but retail and multifamily rose. Blackstone $343M office loan default. Texas distress: $900M CRE loans flagged for July auctions, S2 Capital multifamily defaults, Blackstone North Dallas foreclosure. Non-QM impairment at 6.7%, alt-doc loans 10%, sub-660 FICO near 20%. Credit card delinquencies at 3.82% (15-year high). Insurance and property-tax bill surges driving escrow shortfalls. 21st Century ROAD to Housing Act passed Congress. America has 7.2M fewer affordable homes than needed. Urban doom loop and $1.2T office loan debt. Subprime auto delinquencies at 32-year high. SCOTUS 9-0 tax sale ruling caps homeowner recovery. 49% of under-30s living with parents (up 12pp since 2019) — Fed data confirms structural demand destruction and generational wealth impairment. Realtor.com confirms foreclosures selling at 27% discount, listings at 6-year high; Lake Charles leads with 10% foreclosure share due to hurricane legacy and insurance crisis. NEW: ROAD to Housing Act includes pilot programs for FHA small-dollar loans and whole-home repairs, addressing financing gaps. Bronx multifamily distress: Prana Investments hit with 14 foreclosure suits on rent-stabilized units, confirming lending pullback and regulatory squeeze. NLIHC survey: 22.7M cost-burdened renters, 1 in 5 earning under $25K moved 3+ times in 2 years, housing assistance gaps stark. Equifax Q1 2026: consumer debt $18.19T, subprime bankcard surge +18.6%, student loan delinquencies 17.01% (4th consecutive rise), write-offs rising.