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Mortgage Delinquencies Break Records in April

Mortgage News > Mortgage Delinquencies Break Records in April
Date: 07/14/2020    Mortgage Delinquencies Break Records in April

The number of U.S. mortgages behind on payments jumped to 3.4% in April, according to data from CoreLogic, the highest percentage on record, far surpassing even Great Recession rates. Millions of borrowers are currently in mortgage forbearance plans due to temporary job loss in the coronavirus environment. Most homeowners still have plenty of equity, however, as well as the potential for renewed employment at some point soon. CoreLogic does project that the serious delinquency rate will quadruple over the next two years though and that home prices will drop 6.6% by May 2021.

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