Early-stage mortgage delinquencies rate hit highest level in 21 years

Published by Housing Wire on July 15, 2020

Overall delinquent mortgages at four-year high

In April 2020, 6.1% of mortgages were delinquent by at least 30 days or more, marking the nation’s highest overall delinquency rate since January 2016, according to a report by CoreLogic. Delinquent mortgages included the 0.3% foreclosure inventory – the lowest foreclosure rate for any month since January 1999.

The rate for early stage delinquencies (30-59 days past due) reached its highest level in 21 years at 4.2%, according to the report. The share of mortgages 60 to 89 days past due rose from 0.6% in April 2019 to 0.7% in 2020. The serious delinquency rate (90 days or more past due) was down to 1.2% from 1.3% year-over-year.

As of March, the nation’s overall delinquency rate declined for 27 consecutive months, and serious delinquency and foreclosure rates stood at record lows, the report said. However, as unemployment reached its highest level in more than 80 years in April, homeowners struggled to make monthly mortgage payments.

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