The national delinquency rate on mortgages nearly doubled in the United States in April as the economic impacts of the coronavirus pandemic shutdowns fully took hold across the country, according to a report released Thursday by Black Knight.
At the end of April, 3.6 million homeowners were past due on their mortgages – the largest number in more than five years. The delinquency rate was 6.45 percent for the month, up from 3.39 percent in March – the largest single-month increase ever recorded and nearly three times higher than the previous record set in 2008.
Delinquency increases in Nevada (5.2 percent), New Jersey (5.1 percent) and New York (+4.9 percent) led the states, while Miami (7.2 percent), Las Vegas (6.2 percent) and New York City (5.4 percent) topped the 100 largest metro areas.
Foreclosure starts and sales fell to record lows in April due to a moratorium on foreclosures during the pandemic under the CARES Act.