For the 9th week in a row, the share of mortgage loans in forbearance fell. This week the total dropped two basis points to 4.47%, according to the latest Forbearance and Call Volume Survey (MBA)
- 2.23 million homeowners are in forbearance plans, according to MBA estimates.
Black Knight also had good news on the mortgage front. Their monthly monitor report showed that 217,000 homeowners became past due on their mortgages in March. This was the lowest such delinquency inflow of any month on record. (BK)
- Loans 30 days past due were down 34% from February and down 50% from the same time last year. This is an all-time low.
The good news wasn’t restricted to residential real estate either. Data from the monthly CREF Loan Performance Survey finds that delinquency rates for mortgages backed by commercial and multifamily properties decreased again in April. (MBA)
- 95.1% of outstanding loan balances were current, up from the 95.0% we saw inMarch. Loans 30-60 days delinquent were down ten basis points from the month earlier to 0.4%.
Commercial, like residential, does still have a total that is higher than normal of serious delinquent loans. However, as the economy recovers the property owners who can exit these programs will and those who can’t will see their properties absorbed back into the market which will be welcomed with open arms.