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Black Knight Takes a Close Look at April's Historic Delinquency Rate

Friday, July 10, 2020   /   by Erik Bjorklund

Black Knight Takes a Close Look at April's Historic Delinquency Rate

Black Knight says that only three months after the
national delinquency rate hit a record low, falling 1.5 percentage point below
its pre-Great Recession average in January, it skyrocketed to 6.45 percent.
This is a 3.1 percent change in April alone, the largest single-month increase
on record and nearly triple the previous record
, a November 2008 surge. During
the Great Recession it took two years for the delinquency rate to increase this
much and the company says it could climb still higher when the May numbers come
in. Each of the 100 largest metro areas saw at least a 1-point
increase in its delinquency rate, but there was a lot of variation. Non-current
loans jumped by 7.2 percent in Miami and 6.2 percent in Las Vegas, each twice
the national gain. Many of the increases in Midwest areas were well below the
national average.


 

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