Closer Look at April’s Historic Delinquencies; Rates Start Strong; Will Fed Save Bonds?
Black Knight says that only three months after the national delinquency rate hit a record low, falling 1.5 percentage point below its pre-Great Recession average in January, it skyrocketed to 6.45 percent. This is a 3.1 percent change in April alone, the largest single-month increase on record and nearly triple the previous record , a November 2008 surge. During the Great Recession it took two years for the delinquency rate to increase this much and the company says it could climb still higher when the May numbers come in. Each of the 100 largest metro areas saw at least a 1-point increase in its delinquency rate, but there was a lot of variation. Non-current loans jumped by 7.2 percent in Miami and 6.2 percent in Las Vegas, each twice the national gain. Many of the increases in Midwest areas
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