Soft Landing from Pandemic Could Mean Less Inventory, Higher Prices; Lower Rates Boosted Refis

Soft Landing from Pandemic Could Mean Less Inventory, Higher Prices; Lower Rates Boosted Refis

Black Knight's Mortgage Monitor for the month of October looks at current delinquency statistics and their potential downstream effects on inventory and other housing concerns. The report seems to confirm that homeowners, even those who sought forbearance protection during the COVID-19 pandemic, seem to be performing well on their mortgage loans. The national mortgage delinquency rate was at 3.74 percent in October, down from a pandemic peak of over 8 percent in April 2020. While there are still almost 700,000 more serious delinquencies, borrowers more than 90 days past due, than before the onset of the pandemic, those numbers fell by 127,000 or 10 percent during October as the first wave of forborne homeowners reached the end of eligibility and returned to making payments. Black Knight says