Pandemic may lead to foreclosure crisis


Source: Kathleen Howley, HousingWire

A surge in the share of mortgages 90 days or more overdue in June is a signal the U.S. could be heading toward a foreclosure crisis, according to a CoreLogic report.

“If there are new government programs, maybe that alleviates some of the risks, but given what we know today, we could be looking at a serious delinquency rate that is four times higher at the end of 2021 as it was before the start of the pandemic,” said Frank Nothaft, CoreLogic’s chief economist.

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