Black Knight, Jacksonville, Fla., said 2020 ended with 1.54 million more delinquent and 1.7 million more seriously delinquent mortgages than at the start of the year, a looming reminder of the challenges facing the market in 2021.
Black Knight, Jacksonville, Fla., said its “First Look” Mortgage Monitor showed while overall delinquencies continued to show improvement, serious delinquencies rose by 376,000 and are now up more than 1.8 million from their pre-pandemic levels.
Ahead of next week’s 2nd Quarter National Delinquency Survey from the Mortgage Bankers Association, CoreLogic, Irvine, Calif., said early-stage and adverse mortgage delinquency rates increased for the second consecutive month, with all 50 states and more than 75% of U.S. metro areas seeing increases in overall delinquency rates.
Black Knight, Jacksonville, Fla., said after rising from 3.2% in January to 7.8% in May, the national delinquency rate improved for the first time in five months, falling to 7.6% in June as the overall number of past-due mortgages declined by 98,000.
Black Knight, Jacksonville, Fla., said February foreclosure starts fell 25% from January and 20% from a year ago, reaching their lowest level on record since it began publicly reporting the metric in 2000.
Last week MBA released its latest National Delinquency Survey for the fourth quarter. Mortgage delinquencies track closely to the U.S. unemployment rate, and with unemployment at historic lows, it’s no surprise to see so many households paying their mortgage on time.