A look at Biden’s first week in office

This episode reviews last week’s inauguration of President Joe Biden, examining which housing issues the new administration has already taken action on.

Biden’s executive order will extend foreclosure moratorium

President Biden revealed his plan to sign 17 executive orders his first day in office, including am extension of the eviction and foreclosure moratorium to at least March 31.

If consumers aren’t holding lenders back, then who or what is?

The challenge for lenders and investors is understanding how to meet borrowers where they are without layering on risk or getting bogged down in third-party intermediation.

HomeBridge’s Brian White on diversity at a practical level

HomeBridge's Brian “Woody” White discusses ways to increase diversity within the housing finance industry.

Mortgage

Mortgage delinquencies nearly double in April on COVID-19 shock

About 3.6 million borrowers were past due in a tally that includes forbearances

Mortgage delinquencies almost doubled in April as out-of-work Americans struggled to pay their bills during the COVID-19 pandemic.

The U.S. delinquency rate rose to 6.45% from 3.39% in March, the largest monthly increase ever recorded, Black Knight said in a report on Thursday. It was almost triple the previous record gain in 2008, near the beginning of the financial crisis.

About 3.6 million homeowners were past due on their mortgages at the end of April, the most since January 2015, Black Knight said. The number jumped 1.6 million in a tally that counts forbearances as delinquent if the borrower didn’t make an April payment.

About 8.8% of U.S. mortgages are in forbearance, Black Knight said in a report last week. The pace of new forbearances requests has slowed to about 27,000 a day, down 85% from April, the mortgage-data firm said.

The U.S. unemployment rate spiked to a record high of 14.7% in April, more than tripling from March, after states shuttered businesses in an effort to stem the spread of COVID-19. It surpassed the highest rate of the financial crisis, which peaked at 10% in October 2009, according to data from the Bureau of Labor Statistics.

Nevada was the state with the biggest increase in mortgage delinquencies during April, climbing 5.2%. New Jersey was next, with a 5.1% gain, followed by New York, up 4.9%.

Measured by metropolitan areas, Miami had the largest gain, up 7.2%, followed by Las Vegas, with a 6.2% increase, and New York, with a gain of 5.4%.

Both foreclosure starts and foreclosure sales hit record lows in April as moratoriums halted foreclosure activity across the country, Black Knight said.

Leave a comment

Most Popular Articles

Biden’s executive order will extend foreclosure moratorium

President Biden plans to sign 17 executive orders his first day in office, including an extension of the eviction and foreclosure moratorium.

Jan 20, 2021 By

Latest Articles

Biden calls on HUD to address racial equity

President Joe Biden’s Tuesday orders include a memorandum that directs HUD to both mitigate racial bias in housing and advance fair housing laws.

Jan 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please