Delinquencies Spike in April as Pandemic Data Rolls In

Posted To: MND NewsWire

April’s data is here, and CoreLogic is reporting that early stage delinquencies, that is mortgages 30 to 59 days past due, soared to levels even higher than those seen in the Great Recession. That delinquency bucket now contains 4.2 percent of active mortgages, up from 1.7 percent in April 2019. Further, the company’s Loan Performance Report says the share of mortgages that transitioned from current to past due reached the highest level in at least 21 years, 3.4 percent, exceeding any statistics from the Great Recession . In January 2007, just before the start of the financial crisis, the current- to 30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. The company notes that prior to the COVID-19 pandemic, the nation’s overall delinquency rate had declined for…(read more)

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