Mortgage performance understandably
deteriorated over the course of 2020. Black Knight, in its “first look” at
December data, noted that the year ended with 1.54 million more delinquent
mortgages and 1.7 million more that were seriously delinquent than at the start,
calling it “a looming reminder of the challenges facing the market in 2021.” The situation did continue to improve
as the year ended. The national delinquency rate fell 3.9 percent from November
to December
and the resulting rate of 6.08 percent of all active loans was the
lowest since April 2020 when the financial effects of the pandemic kicked in. It
is however, nearly 79 percent higher than the rate at the end of 2019. Serious delinquencies, loans 90 or
more days past due but not in foreclosure, also declined, dropping by 47,000
loans to 2.146 million loans. In December 2019 there were 1.719 million such loans.

 

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