Tuesday, August 11, 2020

CoreLogic: Mortgage Delinquency Rates Climbing

Irvine-based property information provider CoreLogic, which tracks property information and data, says it is seeing mortgage delinquency rates climbing, with a high correlation to geographies most impacted by the COVID-19 pandemic. According to the company, its Loan Performance Insights Report--which covers up to May--saw early stage and adverse deliquincy rates increasing, with all 50 states logged year-over-year increases in overall delinquencies this May. The company said that, on a national level, 7.3% of mortgages were in some stage of deliquincy (30 days or more past due), a 3.7 percent increase in overall delinquency rate, which was 3.6% in May of 2019. The company said that more than 4 million homeowners (more than 8% of all mortgages) have entered into the COVID-19 mortgage forbearance program, as a result of the pandemic. CoreLogic said that, absent further government programs and support, CoreLogic forecasts the U.S. serious delinquency rate to quadruple by the end of 2021, pushing 3 million homeowners into serious delinquency.