Foreclosure News: Overall Delinquency Rates Soar As Housing Crisis Lurks
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:
[Source Credits: https://www.zerohedge.com/s3/files/inline-images/tighter%20loan%20standards%203_0.jpg?itok=4mgHWzPA]
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