Delinquencies
Rates Move Swiftly Lower Due to New Covid Variant; Delinquencies Remain Elevated
Just when it looked like the current week would fizzle out on a negative note for rates, our least favorite market mover is back in the news. B.1.1.529 (designated now as “Omicron”), a new covid variant hit the market like a ton of bricks on Friday morning. 48 hours earlier, Google had never heard of […]
Delinquencies Still Double Pre-Pandemic Rate
Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 15.7 percent in October compared to a 17.4 percent gain in September. The portfolio balance at the end of the period was $ 3.179 trillion compared to $ 3.137 trillion the prior month and $ 2.669 trillion a year […]
Delinquencies Fall Below Pre-Great Recession Average
The national delinquency rate dropped by 7.62 percent in June and is now 42.39 percent below its rate at the worst of the pandemic. Black Knight, in its monthly report, says the June rate, at 4.37 percent, was also back below its pre-Great Recession average. Still, there are 2.32 million homeowners who are 30 or […]
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 […]
Serious Delinquencies Set Records as Early Rates Trend Down
Extremely serious delinquencies, those loans 150 days or more past due, reached historically high levels in August. Five months into the COVID-19 crisis, Corelogic said the rate of delinquencies among those loans spiked to 1.2 percent, the highest level since at least January 1999, which we assume is the limit of the company’s records. CoreLogic […]