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Foreclosure News: Overall Delinquency Rates Soar As Housing Crisis Lurks

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With the 2020 elections looming in the coming November months, domestic and global focus has shifted onto the United States Housing Market yet again. During the COVID-19 pandemic, mortgage defaults rocketed as the Federal and State governments attempted to combat the inevitable through the CARES Act and eviction moratoriums. However, mortgage lending standards have since tightened as mass foreclosures and mortgage market chaos loom on the horizon.

Property data and analytics firm, CoreLogic, published a report warning about early-stage delinquency rates are starting to rise. CoreLogic said on a national level, 7.3% of mortgages were 30+ days or more overdue (in May). This is a 3.7-percentage point increase in the overall delinquency rate compared to 3.6% in May 2019.

Stages of delinquency: 

  • Early-Stage Delinquencies (30 to 59 days past due): 3%, up from 1.7% in May 2019.

  • Adverse Delinquency (60 to 89 days past due): 2.8%, up from 0.6% in May 2019.

  • Serious Delinquency (90 days or more past due, including loans in foreclosure): 1.5%, up from 1.3% in May 2019. This is the first year-over-year increase in the serious delinquency rate since November 2010.

Government and industry relief programs have provided a temporary safety net for millions of homeowners unable to service their mortgage. The housing crisis is expected to begin after the election: "U.S. serious delinquency rate to quadruple by the end of 2021, pushing 3 million homeowners into serious delinquency," said CoreLogic. 

As foreclosure increases continue, today is the best time to act. Our goal is to save your home, please contact the seasoned Foreclosure Defense Attorneys at Fazzio Law, we are in your corner!

[Source Credits: https://www.zerohedge.com/s3/files/inline-images/tighter%20loan%20standards%203_0.jpg?itok=4mgHWzPA]


Category: Foreclosure Law

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