While home values are rising fast and those who can hold onto their house are in a very favorable position, mortgage payment pile-up has been a major problem throughout the pandemic.

A new report from the American Enterprise Institute found that 14.7 percent of the 7.6 million mortgages backed by the Federal Housing Administration were delinquent in May. An additional 10.5 percent of those loans were delinquent by more than 90 days and at risk of going into default. While falling from highs seen in the winter, delinquency is still affecting millions of homeowners struggling with their mortgages.

“If a modification is unable to address the delinquency, the next option is for the borrower to sell the home,” American Enterprise Institute Housing Center Director Edward Pinto and research fellow Tobias Peter write in the report. “Given the rapid level of home price appreciation, this alternative should allow many distressed owners to avoid foreclosure, pay off the mortgage, cover selling expenses and maintain one’s credit record.”

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