Evelina K Vatkova

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By JONATHAN LANSNER | [email protected] | Orange C Register The number of seriously delinquent mortgages in SoCal has skyrocketed to levels not seen since 2013, a new study shows. A monthly report by CoreLogic’s shows a steep rise since late winter of very late first mortgages those 90 days or more past due, including loans in foreclosure.... Stubbornly high unemployment 15.9% in July in the four-county region has crushed many household finances and made mortgage payments a challenge. In Los Angeles and Orange counties, 3.4% of mortgages were in or near foreclosure in June, up from 0.9% in May and 0.7% a year earlier. This is the highest rate of loan troubles since May 2013, but it’s also well below the Great Recession’s high of 9.5%. In Riverside and San Bernardino counties, 3.8% of home loans were seriously delinquent that’s up from 1.3% in May, 1% a year ago and it’s the highest rate since December 2013. Still, it’s far from the Inland Empire’s harsh Great Recession collapse when this late-pay measurement hit a 16.3% peak. Forbearances programs have helped borrowers affected by COVID woes to defer their monthly payments. It’s a safe bet that delaying repayment as well as foreclosure proceedings will prevent a flood of motivated sellers from swamping the currently (2020) rebounding housing market. Nationally, seriously delinquent mortgages were 3.4% of all loans up from 1.3% in June 2019 and the highest since February 2015.

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In May, 4.3 million homeowners missed their mortgage payments, up from 2 million at the end of March, according to Black Knight, a mortgage data company. That brings the overall delinquency rate for May to 8%