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Some Delinquency Rates are Declining to Pre-COVID Levels
Monday, October 26, 2020
The number of serious delinquencies
dropped in September according to Black Knight. The 43,000 decline in the
number of loans that were 90 or more days past due marked the first improvement
in that statistic since the start of the pandemic. The change leaves 2.32
million homeowners seriously overdue on their mortgages but not in foreclosure,
1.88 million more than in September 2019. Black Knight's "first look" at
September's loan performance data showed an overall decline in most stages of
delinquency more than six months after Congress enacted loss mitigation
measures to deal with the economic disruption caused by the COVID-19 virus.
Total delinquencies declined 3.10 percent from August although again they were
89.03 percent higher on an annual basis. There were 3.54 million mortgages that
were 30 or more days past due but not in foreclosure, down 137,000 from August.
The national delinquency rate was 6.66 percent compared to 6.88 percent the
previous month.
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