1.45 million borrowers remained 90 or more days past due
Some 1.45 million borrowers remained 90 or more days past due – but not yet in foreclosure – entering August, more than 1 million more than at the onset of the pandemic, according to new data from Black Knight, Inc. This is worrisome because while overall delinquency volumes continue to edge closer to pre-pandemic levels, the number of serious delinquencies were still significantly elevated as federal foreclosure moratoria expired at the end of July.
The company reported on the state of mortgage delinquencies as part of its “first look” at July 2021 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market and will provide a more in-depth review of this data in its monthly Mortgage Monitor report.
The national delinquency rate saw a 5% reduction in July, the company reported. At 4.14%, the national rate is now down by nearly half since May of last year. Delinquencies have now improved in 12 of the last 14 months, with the two monthly increases being calendar-related as opposed to being indicative of worsening performance.