One of the least surprising developments in today’s pandemiconomy is the accelerating number of mortgage delinquencies.
Despite households deferring their payments, it was only a matter of time before homeowners would fall behind on their mortgages.
According to CoreLogic, the share of all mortgages that were past due soared to 3.4 percent in April. This is the highest number since 1999. It is also up from just 0.7 percent a year ago.
What may be surprising is that this figure is still bigger than during the bust of the housing bubble in, which was two percent.
The overall delinquency rate was roughly six percent, and CoreLogic expects delinquencies to surge over the next 12 to 18 months.
What’s worse is that nearly every metro area has reported a substantial increase in the overall deliquency rate.
Get ready. Winter’s coming!
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