Mortgage Delinquency Rate Moves Closer To Pre-Pandemic Levels
Summary
For the month of September, 3.9% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.4% decrease compared to September 2020, when it was 6.3%, according to CoreLogics Loan Performance Insights report. “Record home equity levels have been a boon to many homeowners navigating the cross-currents of the pandemic,” said Frank Martell, president and CEO of CoreLogic. “Not only have homeowners used this equity to fuel a record level of home improvements and renovation, it has proven to be a vital factor in helping families ward off foreclosure, pay down existing debt and weather changing market conditions.” Home equity has been a redeeming factor for many homeowners who were on the verge of foreclosure. Naturally, employment and income growth provide the means for borrowers to remain current on their mortgages. “The economic recovery has pushed down the percent of delinquent borrowers to the lowest level since the pandemic began,” said Dr. Frank Nothaft, chief economist at CoreLogic.