According to the latest CoreLogic Loan Performance Insights Report, as of July, 6.6% of mortgages were delinquent by at least 30+ days including those in foreclosure. In July, 2019 that figure was 3.8%. The CoreLogic report monitors mortgage performance health and examines all stages of delinquency as well as transition rates from one stage to the next.
“Four months into the pandemic, the 120-day delinquency rate for July spiked to 1.4%,” said Dr. Frank Nothaft, chief economist at CoreLogic. “This was the highest rate in more than 21 years and double the December 2009 Great Recession peak. The spike in delinquency was all the more stunning given the generational low of 0.1% in March.” Said Dr. Frank Nothaft, Chief Economist for CoreLogic