Report: People Aren’t Paying Their Mortgages Due To COVID-19
CHARLOTTE, NORTH CAROLINA - APRIL 21: A general view of the Charlotte skyline during the coronavirus (COVID-19) pandemic on April 21, 2020 in Charlotte, North Carolina. The city of Charlotte issued a Stay at Home Order on March 26, 2020 in order to further combat the spread of COVID-19 in the community. (Photo by Streeter Lecka/Getty Images)
Mortgage delinquencies are on the rise, which is what we all expected. The new report says delinquencies among borrowers for past-due mortgages spiked by 1.6 million in April, the biggest jump in history.
The report from analytics company Black Knight says about 3.6 million homeowners were past due on their mortgages at the end of April. Currently there are over 36 million people unemployed right now, which is higher than what analysts expected.
The cities with the biggest jumps in delinquencies were Miami, Las Vegas and New York City.
Source: USA Today
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