More Late Mortgage Payments as Home Sales Plummet - May 2020 Data I Seattle Real Estate Podcast

Late mortgage payments rise in May 2020 as people in forbearance struggle. Home sales fall off cliff in May 2020 as the full effects of shutting down the economy are felt throughout the housing market.

The number of people who failed to pay their mortgage last month rose to its highest level since 2011.

In May, 4.3 million homeowners missed their mortgage payments, up from 2 million at the end of March, according to Black Knight, a mortgage data company. That brings the overall delinquency rate for May to 8%.

The rate includes borrowers who have arranged to delay or defer their mortgage payment by entering into a forbearance program with their loan servicer, as well as homeowners who have missed payments without such protection. Those in forbearance are protected from being noted as delinquent in their credit report and are expected to work with their lender to arrange a repayment plan.

But it is not likely everyone in forbearance will ultimately be able to pay back what they owe and banks and housing industry experts are keeping a close eye on the delinquency numbers to ascertain how many people are falling behind, whether they are in forbearance or not.

Join host Sean Reynolds of the Seattle Real Estate Podcast as he discusses the implications moving forward in the 2020 National Housing Market.

#seattlehomes #housingmarket

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