Mortgage Delinquencies Hit 21 Year High

The new numbers are in for homeowners who have fallen behind on their mortgage payments, and according to a story on Yahoo!, the people who are a month or two behind on their payments through April is now at a 21 year high. With millions of Americans out of work, this was inevitable.

Mortgage Delinquencies Surged in April

The rate of delinquencies went from 3.6% in March to 6.1% in April. With the CARES Act coming to a close, the numbers could get worse.

“Despite the scale and suddenness of the pandemic, mortgage delinquency has yet to emerge as a major issue, thanks to government COVID-19 relief programs and other housing finance industry efforts,” said Frank Martell, president and CEO of CoreLogic, in the report.

“As the true impact of the economic shutdown during the second quarter of 2020 becomes clearer, we can expect to see a rise in delinquencies in the next 12-18 months, especially as forbearance periods under the CARES Act come to a close,” he said.

Check out the full story at https://finance.yahoo.com/news/earlystage-mortgage-delinquencies-hit-21-year-high-170612193.html