Federally-backed forbearance plans keep home foreclosures at record lows. However, skyrocketing seriously-delinquent rates could mean a rough road ahead.
CoreLogic, provider of property-data analysis, has recently released its monthly Loan Performance Insight report for August. It showed, nationally,
- Overall delinquency rate for August was 6.6%.
- The rate for early-stage delinquencies (30 to 59 days past due) was 1.6%, down from 1.8% in August 2019.
- The share of mortgages 60 to 89 days past due was .8%, up from .6% in August 2019.
- The serious delinquency rate (90 days or more past due, including loans in foreclosure) was 4.3%, up from 1.3% in August 2019.
- This is the highest serious delinquency rate since February 2014.
- As of August 2020, the foreclosure inventory rate was .3%, down from .4% in August 2019.
“Five months into the pandemic, the 150-day delinquency rate for August spiked to 1.2%. This was the highest rate in more than 21 years and double the January 2010 peak during the home-price bust
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