Although Dwindling, Serious Delinquencies Still a Concern
The federal foreclosure moratoria expired at the end of July and, with some 1.45 million borrowers seriously delinquent on their mortgages but not in foreclosure, Black Knight says, “potential foreclosure activity in the coming months warrants close observation.” The majority of those seriously delinquent mortgages, however, are still in active forbearance plans.
The company, in its “first look” at July’s mortgage performance data, notes that, aside from this concern, overall mortgage delinquencies are down by nearly half since May 2020 and have improved in 12 of the last 14 months.
The national delinquency rate declined by 114,000 loans or 5.22 percent in July and is now at 4.14 percent of all mortgage loans. A total of 2.206 million loans are 30 or more days past due, down by 1.486 million year-over-year.
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