Early Stage Mortgage Delinquencies Reach Highest Level in 21 years, in April

According to a report from CoreLogic®, an Irvine, California, based provider of consumer, financial and property data and analytics to businesses and government, in April 2020, 6.1% of all U.S. mortgages were delinquent by at least 30 days or more. Marking the nation’s highest overall delinquency rate since January 2016. The rate for early stage delinquencies (30-59 days past due) reached its highest level in 21 years at 4.2%, according to the report. The share of mortgages 60 to 89 days past due rose from 0.6% in April 2019 to 0.7% in 2020. The serious delinquency rate (90 days or more past due) was down to 1.2% from 1.3% year-over-year. In prepared remarks, Frank Martell, president and CEO of CoreLogic said, “As the true impact of the economic shutdown during the second quarter of 2020 becomes clearer, we can expect to see a rise in delinquencies in the next 12-18 months – especially as forbearance periods under the CARES Act come to a close.”