30% Failed to Make Housing Payments in June

[swag]

Many people are going to need a lot more help.

(and so are state and local governments, btw)

https://www.thestreet.com/mishtalk/economics/30-percent-failed-to-make-housing-payments-in-june?fbclid=IwAR2i8hYAlebjANEcCwd5oKdXkMPblmorLeugJOvMHgxugcor6vPy6UP4byE

37 percent of renters and 26 percent of homeowners are concerned that in the next six months they will face an eviction or foreclosure.

This hardship continues to be concentrated among renters, younger and lower-income households, and urban dwellers. Missed payment rates are highest for renters (32 percent), households earning less than $25,000 per year (40 percent), adults under the age of 30 (40 percent), and those living in high-density urban areas (35 percent).

. . .

After April’s 90% increase in the delinquency rate, another 723,000 homeowners became past due on their mortgages in May. That marks a 20% increase in the national delinquency rate, pushing it to its highest level since late 2011.

There are now 4.3 million homeowners past due on their mortgages or in active foreclosure – including those in forbearance who have missed scheduled payments as part of their plans – up from 2 million at the end of March

Serious delinquencies are on the rise as well, increasing by more than 50% over the past two months

However, Black Knight’s McDash Flash Payment Tracker shows a higher share of payments have been made thus far in June than at the same time in May, suggesting the rise in delinquencies may be leveling off