Serious Delinquencies Three Times Higher than in 2019 – Real Estate Investing Today
According to CoreLogic’s latest Loan Performance Insights Report, serious delinquencies (defined as 90 days or more past due, including loans in foreclosure) was 4.1% in October. However, that figure was more than three times greater than October 2019, but still down slightly from the previous two months. The overall delinquency rate was 6.1% in October, with all states logging annual increases in both overall and serious delinquency rates in October.
“During early autumn, the improving economy enabled more families to remain current on their home loan. In September and October, 0.8% of current borrowers transitioned into 30-day delinquency. This is the same as the monthly average for the 12 months prior to the pandemic, and well below the record peak of 3.4% of borrowers transitioning into delinquency that we observed in April 2020.” – Dr. Frank Nothaft, Chief Economist for CoreLogic.