Posted To: MND NewsWire

The rate of mortgage delinquencies remains significantly elevated from last year, but there is gradual improvement . The national rate moved higher in October on an annual basis per CoreLogic’s Loan Performance Insights Report . Loans that were 30 or more days past due, including those in foreclosure, represented 6.1 percent of all active mortgages compared to 3.7 percent in October 2019. In September, however, the annual rate of increase was 6.3 percent. Early-stage delinquencies are exhibiting the most positive trend. Loans that were 30 to 59 days past due declined from a 1.8 percent rate in October 2019 to 1.4 percent. The rate for that delinquency bucket spiked at 4.2 percent in April when the first financial effects of the COVID-19 pandemic hit. The rate for loans in “adverse” delinquency…(read more)

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Source: Mortgage News Daily