BLACK KNIGHT’S FIRST LOOK AT DECEMBER 2020 MORTGAGE DATA
2020 Ends With 1.7 Million More Seriously Delinquent Homeowners Than at Start of Year; Foreclosures at Record Low
The year ended with 1.54 million more delinquent and 1.7 million more seriously delinquent mortgages than at the start of 2020, a looming reminder of the challenges facing the market in 2021
Despite the year-over-year increase, the national delinquency rate saw modest improvement in December, falling by 3.9% from November to 6.08%, the lowest level since April 2020
Serious delinquencies (loans 90 or more days past due) also improved, falling to 2.15 million from 2.19 million the month prior
Even after months of improvement, 90-day
default activity rose by more than 250% (+2.6 million) overall in 2020
Foreclosure starts fell by 67% from the year prior and the year’s 40,000 foreclosure sales (completions) represented an annual decline of more than 70% Starts and sales have hit record lows as moratoriums and
forbearance plans protect distressed homeowners from facing foreclosure in the wake of the pandemic Prepayment activity rose by 12% in December, ending the year 112% higher than the same month in 2019 and highlighting a still-strong
refinance market entering 2021
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
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