Early State Delinquencies Drop Below Pre-COVID Levels

The nation’s mortgage delinquency rate is inching closer to its pre-pandemic level as early stage delinquencies improve.  CoreLogic says that in March of this year 4.9 percent of all mortgages were 30 days or more past due, including loans in foreclosure. This is the lowest rate since March 2021, the month the pandemic hit, and the rate was 3.6 percent. The company notes that “March 2021 marked a critical juncture in the U.S. – the one-year anniversary of the onset of the pandemic, the third round and disbursement of government stimulus checks and the extension of forbearance programs. Taken together, some of these factors helped mortgage holders stay current on their loans and led to the lowest national delinquency rate in a year. “Additionally, the convergence of these financial paddings allowed many homeowners to chip away at other debt. A recent CoreLogic survey of current mortgage holders shows that in addition to 89 percent of respondents saying they are current on their mortgage payments, nearly 70% said they also have credit card debt – of which, only 15 percent reported falling behind on payments in the past year.”


…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MND NewsWire

Tags: , , , , , ,
Previous Post

Cleveland Fed: Key Measures Show Inflation Increased in May

Next Post

Forbearances Tumble; Mortgage Profits Break 2008’s Record; Locking/Floating After Jobs Report

Leave a Reply

Your email address will not be published. Required fields are marked *