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Delinquency Rates Leveled Off in February
Tuesday, May 11, 2021
Mortgage delinquency rates ticked up slightly in February, the
first increase since August 2020. CoreLogic said the national delinquency rate at
the end of the reporting period was 5.7 percent, up 0.1 percentage point from
January. The rate indicates the percentage of all mortgages that were 30 or
more days past due including those in foreclosure. The rate in February 2020,
one month before the COVID-19 virus shut down much of the country, was 3.6
percent. It peaked at 4.3 percent in August 2020. "Some families that had overspent
during the year-end holiday season, and then faced financial stress in the new
year, may slip behind on a mortgage payment by February," said Dr. Frank
Nothaft, chief economist at CoreLogic. "During each of the last five years, the
30-day delinquency rate moved higher from January to February. With economic
conditions improving, we expect delinquency rates to move lower in coming
months."
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