Barely Enough Time to Miss One Payment

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As the impact of the COVID pandemic unfolded, the speed at which the fiscal and monetary responses were rolled out seemed almost too fast.Β  My thought was that people barely had time to miss one mortgage payment.

Well, the data is in for April and it seems like lots of people did just that.  

β€œAt 6.45%, the national delinquency rate nearly doubled (+3.06%) from March, the largest single-month increase ever recorded, and nearly three times the previous single-month record set back in late 2008.1” 

Data is only available through April.  May will be interesting.

  1. Black Knight’s First Look at April 2020 Mortgage Data  (https://www.blackknightinc.com/black-knights-first-look-at-april-2020-mortgage-data/)
  2. Calculated Risk Blog (https://www.calculatedriskblog.com/2020/05/black-knight-national-mortgage.html)