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Late-Stage Delinquencies Now Twice Great Recession Peak; How Pandemic is Changing The Industry

Late-Stage Delinquencies Now Twice Great Recession Peak; How Pandemic is Changing The Industry

Mortgage delinquencies continued to rise in July according to CoreLogic's new loan performance report. The company found that 6.6 percent of all mortgages were at least 30 days past due (including those in foreclosure.) This represents a 2.8-percentage point increase in the overall delinquency rate compared to July 2019, when it was 3.8 percent. It was, however, a lower rate than the 7.1 percent reported for June, at that point a 3.1-point annual increase. The improvement was in early stage delinquencies, those loans 30 to 59 days past due. They declined from 1.8 percent in July of last year after spiking in April of this year to 4.2 percent. The rate of adverse delinquencies, loans 60 to 89 days past due, rose to 1 percent from 0.6 percent a year earlier, but were down from 2.8 percent in
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