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May 22, 2020 | 9% of All Mortgages are in COVID-19 Forbearance Plans

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
9 percent of mortgages are in forbearance but the pace of increase has tapered off.
The latest data from the McDash Flash Forbearance Tracker shows that the surge in mortgage forbearance plans has tapered off.Estimated Monthly Advances

Estimated monthly advances black knight 2020-05-22

Key Points

  • As of May 19, 2020, 4.75 million homeowners , 9.0% of all mortgages, have entered into COVID-19 mortgage forbearance plans.
  • The unpaid principal balance is over $1 trillion.
  • An estimated 7.1% of all GSE-backed loans and 12.6% of FHA/VA mortgages are now in forbearance.
  • The rate of increase has now declined by 93% from the first week of April when the number of active forbearance plans increased by nearly 1.4 million in a single week.

Existing Home Sales Plunge 17.8% Much Worse is on the Way

In case you missed it, please see Existing Home Sales Plunge 17.8% Much Worse is on the Way

Mish

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May 22nd, 2020

Posted In: Mish Talk

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