The impact of the pandemic continues to cloud the overall performance of the real estate market.
The metrics covering delinquency have confirmed a number of the periods over the last 10 months, specifically during the periods of March and April.
During September and October of 2020, less than 1% of the total mortgage market fell into the 30-day delinquency category. This does not represent a significant shift even for what is considered a ‘normal’ market.
Nationwide in October 2020, the rate of mortgages delinquent by at least 30 days increased to 6.1% year-over-year. This is a significant increase of 65% from the 3.7% rate reported back in 2019.
The unemployment rate continues to improve, which affects the number of delinquent loans.
According to CoreLogic, New Jersey came in fourth at 8.2% of loans delinquent. The other states with mortgage rates in high forbearance were Louisiana, Mississippi and New York, 10%, 9.1% and 8.7%, respectively.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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