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CoreLogic: Mortgage Delinquencies Spike, Despite Strong Housing Demand

Irvine-based property information provider CoreLogic reports that it is seeing a spike in U.S. serious delinquiencies on mortgages--the highest level since April of 2014--despite strong housing demand. According to the firm, 6.6 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), a 2.8 percent increase over July of 2019, when it was 3.8%. The company said the rate is the highest in more than 21 years, and double the December 2009 Great Recession peak. The company said that unemployment levels in hard-hit areas remain stubbornly high, leaving some borrowers house-rich but cash poor--the company said many Americans had been tapping their savings to stay current on their home loans, but speculated that savings are running out for many borrowers.