by Mike ‘Mish’ Shedlock
The Street
March is typically a very strong month performance-wise, but not this year due to Covid-19.
Blank Knight reports “March Sees First Ever Mortgage Delinquency Increase in Early Sign of COVID-19 Impact”
Key Points
— In what’s typically the strongest month of the year for mortgage performance, delinquencies rose by 3.33%, the first March increase since the turn of the century, an early sign of COVID-19’s impact on the market
— Both the national foreclosure and 90-day delinquency rates set new record lows in March, a lingering reminder of the strength of the mortgage market heading into the pandemic