WaPo: Homeowners stopped paying mortgages in record numbers in April
Some 3.6 million Americans are now past due on their home payments, the most since 2015
Some 3.6 million Americans are now past due on their home payments, the most since 2015
The national delinquency rate soared to 6.45 percent in April, up from 3.06 percent in March and three times the previous single-month record set in 2008, according to data released this week by Black Knight, a real estate data and analytics company. The 3.6 million borrowers who are past due are the most since 2015.
The data represents homeowners who didn’t make a mortgage payment in April, including those who are in forbearance plans.
Black Knight found that 4.75 million homeowners, or 9 percent of mortgages, had entered into forbearance plans, representing $1 trillion in unpaid principal balances. MBA’s survey of lenders found 4.1 million homeowners had requested a forbearance plan, or 8.16 percent of loans. By comparison, less than 1 percent of loans were in forbearance in early March.
As of May 19, only 21 percent of those in forbearance plans have made a May payment.