Mortgage default rate rises in the triad for the second quarter | Local
The percentage of Triad homeowners behind on their mortgage payments continued to rise in the second quarter, according to a report by national real estate research firm CoreLogic.
The report focuses on the delinquent mortgage market, with “delinquent” being defined as a late payment of at least 30 days.
The delinquency rate was 2.91% in the Winston-Salem metropolitan statistical area of Forsyth, Davidson, Davie, Stokes and Yadkin counties, up from 2.36% in the first quarter.
The most recent highest score was 7.3% in January 2016.
The default rate also increased for mortgage payments over 90 days past due to 0.47%, from 0.36% in the first quarter.
Both figures include homes in the foreclosure pipeline.
For the Greensboro-High Point MSA in Guilford, Randolph and Rockingham counties, the 30-day delinquency rate fell from 2.15% to 2.63% and the 90-day delinquency rate from 0.33% to 0.48%.
For the Greensboro-High Point MSA of Guilford, Randolph and Rockingham counties, the 30-day delinquency rate was 5.5% in March, down from 4.7% a year earlier. The delinquency rate over 90 days was 3.9%, down from 1.5% a year ago.
CoreLogic officials have warned that COVID-19-related economic shutdowns will lead to payment delays during the pandemic. Some lenders have offered forbearance to homeowners whose jobs have been cut or laid off.