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Thu May 21, 2020, 11:45 PM

Mortgage Delinquencies Surge by 1.6 M in April, the Biggest Monthly Jump Ever

Jessica Menton

Delinquencies among borrowers for past-due mortgages are soaring, a sign that Americans are struggling to pay their bills amid a wave of layoffs and lost income from the coronavirus pandemic.

Mortgage delinquencies surged by 1.6 million in April, the largest single-month jump in history, according to a report from Black Knight, a mortgage technology and data provider. The data includes both homeowners past due on mortgage payments who arenít in forbearance, along with those in forbearance plans and who didnít make a mortgage payment in April.

At 6.45%, the national delinquency rate nearly doubled from 3.06% in March, the largest single-month increase recorded, and nearly three times the prior record for a single month during the height of the financial crisis in late 2008, Black Knight said.

For context, it took more than 18 months before the first 1.6 million homeowners became delinquent during the Great Recession, said Andy Walden, economist and director of market research at Black Knight. There is still potential for a second wave of delinquencies in May, he added.

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https://www.usatoday.com/story/money/2020/05/21/coronavirus-mortgage-delinquencies-surge-1-6-m-april/5231835002/

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Reply Mortgage Delinquencies Surge by 1.6 M in April, the Biggest Monthly Jump Ever (Original post)
RCW2014 May 21 OP
Badsamm May 22 #1
Let it go May 22 #2

Response to RCW2014 (Original post)

Fri May 22, 2020, 12:03 AM

1. All those Airbnb homes will be on the market soon enough

The free government money will cover the bills of most families with 1 home, but itís not going to cover the mortgage of a second house too.

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Response to RCW2014 (Original post)

Fri May 22, 2020, 03:39 AM

2. People need to save for essentials since the states unemployment systems are still a bust.

Just as Trump said it would be.

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