Delinquencies
hit a new post-pandemic low in August as the national delinquency rate fell by
84,000 loans or 3.48 percent compared to July. It was 41.84 percent below the
level in August of 2020. Black Knight, in its “first look” at the months loan
performance data, said the 1.122 million loans that were 30 or more days past
due but not in foreclosure, were down by 1.557 million on an annual basis. In
January of 2020, one month before the first cases of COVID-19 were reported, the
national delinquency rate was 3.3 percent.

Serious
delinquencies, those loans 90 or more days past due but not in foreclosure,
remain elevated, but even they have been improving steadily. Serious
delinquencies fell 108,000 from July and are down more than 1 million from the
level in August 2020. Still, 1.339 million loans remain in that bucket, 930,000
more than before the pandemic.

There
was an uptick in foreclosure starts during the month, not surprising since the federal
foreclosure moratorium ended at the end of July. 

…(read more)

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