US mortgage delinquencies fall 6.38%
- US mortgage delinquencies fell to 6.38% in the first quarter versus 6.73% in the fourth quarter. The high during covid reached 8.22% in the second quarter of 2020. The level is still higher than the prepandemic level at 4.36%.
- Mortgage foreclosures came in at 0.54% versus 0.56% in the fourth quarter. In the first 1Q of 2020 the number stood at 0.73%
- the share of loans on which foreclosure actions were started rose to 0.04% from 0.03%
The housing market has been strong. That, and the recovery, has also helped the delinquency rate (or so it seems). The levels are still higher than pre-pandemic levels as the have’s and the have nots are being influenced disproportionately. If you are out of work, the chances of remaining current on mortgages it becomes more difficult.