IE Business Daily Business news for the Inland Empire.
Three point six percent of all U.S. mortgages were in some form of delinquency in March, according to data released Monday.
That was a 0.4 percent drop from March 2019, when the national delinquency rate – mortgage payments at least 30 days past due, including foreclosures – was four percent, Irvine-base CoreLogic reported.
Serious delinquencies – 90 days or more past due, including foreclosures – were at 1.2 percent, down 1.4 percent year-over-year. March 2020 was the third consecutive month the country’s serious delinquency rate was at its lowest level in 20 years.
April’s numbers are expected to be worse because, unlike March, public reaction to the COVID-19 pandemic was in full gear when April began.
“The COVID-19 pandemic has shocked our economic system and led to unprecedented job loss, reducing the ability of affected families to make their monthly mortgage payments,” said Frank Nothaft, CoreLogic’s chief economist, in a statement. “The latest forecast [from CoreLogic] shows prices declining in 41 states through April 2021, potentially erasing home equity and increasing foreclosure risk.”
In the Inland Empire, 3.6 percent of all mortgages were in some stage of delinquency in March, down from 3.9 percent from March, while serious delinquencies registered 0.9 percent, virtually unchanged from March 2019, according to CoreLogic.
