Delinquencies Jump by 90%

first_imgHome / Daily Dose / Delinquencies Jump by 90% Previous: The Week Ahead: Update From Financial Regulators Next: Future Home Price and Rent Issues “Unlikely” Delinquencies Jump by 90% Data Provider Black Knight to Acquire Top of Mind 2 days ago June 8, 2020 2,494 Views Demand Propels Home Prices Upward 2 days ago  Print This Post Share Save The Best Markets For Residential Property Investors 2 days ago Tagged with: Delinquency Employment mortgage Subscribe Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The national delinquency rate increased by 90.22%, according to Black Knight’s latest Mortgage Monitor Report, with 1.6 million new delinquencies since March and a rate of 6.45%, the largest single-month increase on record.Just three months after hitting a record low in January 2020, the national delinquency rate is now at its highest level since 2013, Black Knight notes.After falling more than 1.5% below its pre-Great Recession average in early 2020, the national delinquency rate is now 2.25% above that benchmark and may be poised to climb higher in May.While delinquencies rose by at least a full percentage point in all of the 100 largest U.S. metro areas and all 50 states, impacts varied across the country. Delinquency rate increases in Miami (+7.2%) and Las Vegas (+6.2%) were both more than twice the national rise.Delinquencies varied by home value as well. Mortgages on properties worth less than $100,000 have a delinquency rate of 9.4%, while those on properties worth more than $1 million are less than 1/3 that rate.The most significant single-month increases in delinquency rates have been among borrowers with homes in the $400,000 to $500,000 range, with lesser impacts both up and down the home price spectrum. The largest volume of net new delinquencies have still come from more moderately priced homes, simply because that’s where the bulk of the volume lies. Black Knight notes that 50% of the increase in mortgage delinquencies from March to April came on properties valued between $100,000 and $299,000.According to Black Knight, these findings suggest that expanded unemployment benefits may be helping to assist lower-income workers in terms of wage replacement, while not fully doing so for higher-income workers.”With expanded unemployment benefits set to end on July 31, it remains to be seen what impact that may have on both forbearance requests and overall delinquencies,” Black Knight said. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Market Studies, News Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Delinquency Employment mortgage 2020-06-08 Seth Welbornlast_img read more

Heavy rain, severe storms to hit central US

first_imgABC News(NEW YORK) — A strong spring storm that pounded the San Francisco Bay area with hail on Thursday moves into the central U.S. Friday, bringing heavy rain to the flooded Missouri and Mississippi rivers and severe storms for the central and southern Plains.In addition, heavy wet snow will fall from Wyoming to Nebraska.The storm system will move east into the Ohio Valley and into parts of the Northeast this weekend with rain and even snow for western New York and Pennsylvania.The heaviest rain the next few days will be from Missouri to Illinois, where some areas could see up to 3 inches of rain.Snowfall will be light for the most part, but some areas in western Nebraska and into northern Ohio, western Pennsylvania and New York, could see a few inches of slushy spring snow.Copyright © 2019, ABC Radio. All rights reserved.last_img read more