Rate of New Delinquencies Falls Below Pre-Pandemic Levels

In November 2020, 5.9% of home mortgages were in some stage of delinquency, a small decrease from October 2020, but a 2% increase from November 2019 However, loans entering delinquency dropped to levels we have not seen since before the pandemic.  (CoreLogic)

The share of mortgages that transitioned from current to 30 days past due held steady at 0.8% in November 2020 – a decrease from the peak of 3.4% in April 2020. The transition rate in November was the same as the monthly average for the 12 months prior to the pandemic, meaning that while the rate of mortgages in any stage of delinquency remained elevated, fewer borrowers slipped into delinquency than early in the recession.