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Delinquencies Growing; More Government Assistance Needed
Tuesday, August 11, 2020
COVID-19 continued to impact mortgage
performance in May. CoreLogic said the number of loans in each stage of
delinquency, with the exception of those in foreclosure, grew in May, the
second straight month that early-stage (loans 30 to 59 days past due) and
adverse (loans 60 to 89 days past due) delinquencies were up on an annual basis.
The company's monthly Loan Performance Insights
report, notes year-over-year increases in overall delinquencies in all 50 states
with the
geography of the increases highly correlated with the pandemic's impact. The national foreclosure rate, which includes
all post due loans including those in foreclosure, more than doubled compared
to May 2019, rising from 3.6 percent to 7.3 percent of all mortgages. Early stage
delinquencies increased from 1.7 percent a year earlier to 3.0 percent and
adverse delinquencies jumped from 0.6 percent to 2.8 percent.
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