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Delinquencies at Nine-Year High; Home Sales Hit By Lockdown; Rates Holding Lows

Delinquencies at Nine-Year High; Home Sales Hit By Lockdown; Rates Holding Lows

Black Knight reports another breathtaking increase in mortgage delinquencies in its "first look" at May loan performance data. The rate, which soared by 90 percent in April, grew another 20.4 percent, to 7.76 percent of all active mortgages. This puts the rate, which had been declining continually to near all-time lows before the impact of the COVID-19 pandemic, up by 130.8 points from May 2019. This is the highest delinquency rate since late 2011. There was a total of 4.123 million loans that were 30 days or more past due in May, 723,000 more than in April and 2.36 million more than a year earlier. It this includes loans that were in a forbearance plan and did not make a May payment but does not include loans in foreclosure. Under provisions of the CARES Act, loans in forbearance that miss
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