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Serious Delinquencies Grow, but Fewer Overall Missed Payments in August
Thursday, September 24, 2020
As the COVID-19 crisis
dragged into its sixth month in August the total number of mortgage
delinquencies continued to ebb, but the rate of decline appears to be slowing. Black
Knight, in its first look at the month's loan performance data, found the
national delinquency rate down 3 basis points to 6.88 percent. There were 13,000
fewer delinquent loans in August than in July, a total of 3.68 million that
were 30 or more days past due but not in foreclosure. Black Knight considers
loans in forbearance plans as delinquent even if servicers are not reporting
them as such to the credit bureaus. The share of borrowers with a single
missed payment had already fallen below pre-pandemic levels. In August, the sum
of all early-stage delinquencies (those 30 and 60 days past due) fell 9
percent, dropping below that benchmark as well
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