The nation’s mortgage delinquency rate is inching
closer to its pre-pandemic level as early stage delinquencies improve.  CoreLogic says that in March of this year 4.9
percent of all mortgages were 30 days or more past due, including loans in
foreclosure. This is the lowest rate since March 2021, the month the pandemic hit,
and the rate was 3.6 percent. The
company notes that “March 2021 marked a
critical juncture in the U.S. – the one-year anniversary of the onset of the
pandemic, the third round and disbursement of government stimulus checks and
the extension of forbearance programs. Taken together, some of these factors
helped mortgage holders stay current on their loans and led to the lowest
national delinquency rate in a year. “Additionally, the
convergence of these financial paddings allowed many homeowners to chip away at
other debt. A recent CoreLogic survey of current mortgage holders shows that in
addition to 89 percent of respondents saying they are current on their mortgage
payments, nearly 70% said they also have credit card debt – of which, only 15
percent reported falling behind on payments in the past year.”

 

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.