Mortgage Delinquencies Jump In Q2

By Jim Perskie The delinquency rate for home mortgages increased by nearly 4 percentage points during the second quarter as the Covid-19 pandemic fully took hold in the United States, the Mortgage Bankers Association announced Monday. The rate climbed to 8.22 percent of all mortgage loans at the end of June – up 386 basis points from the end of the first quarter and 369 basis points from a year ago. New Jersey (up 628 basis points) and Nevada (up 600 basis points) led the way with the biggest increases. “The COVID-19 pandemic’s effects on some homeowners’ ability to make their mortgage payments could not be more apparent. The nearly 4 percentage point jump in the delinquency rate was the biggest…

Mortgage Delinquency Rate Nearly Doubles In April

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…

Mortgage Delinquency Rate Climbs In Q1

The delinquency rate for mortgages on residential properties increased to 4.36 percent at the end of the first quarter, according to a Mortgage Bankers Association survey released Tuesday. The MBA’s National Delinquency Survey found that the delinquency rate on one- to four-unit properties was up 59 basis points from the fourth quarter of 2019 and down 6 basis points from a year ago. “The mortgage delinquency rate in the fourth quarter of 2019 was at its lowest rate since MBA’s survey began in 1979,” said Marina Walsh, MBA vice president of Industry Analysis. “Fast-forward to the end of March, and it is clear the COVID-19 pandemic is impacting homeowners.” The survey found: The percentage of loans on which foreclosure actions…