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Delinquencies Growing; More Government Assistance Needed

Posted To: MND NewsWire

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…(read more)

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