1.45M homeowners are seriously delinquent as foreclosure moratorium expires
National mortgage delinquency rates fell by 5% in July to 4.14% — half the level they were in May — but about 1.45 million homeowners were still seriously delinquent on their mortgage payments, new data from Black Knight shows. \Delinquencies have improved in 12 of the last 14 months, and the two increases were related to the calendar month and how the dates fell, rather than worsening performance.
“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,” Black Knight said in its report.
About 1.45 million borrowers remained at least 90 days delinquent at the end of July. These borrowers are in late-stage delinquencies but not yet in foreclosure and represent 1 million more than at the beginning of the pandemic, the data showed. However, many of these are currently in forbearance plans with their mortgage servicers.