U.S. Mortgage Delinquencies Spike

The popularity of the mortgage forbearance program enabled by the CARES Act is one reason not to fear a housing crash like the Great Recession, yet.

1 minute read

July 15, 2020, 7:00 AM PDT

By James Brasuell @CasualBrasuell


Down Payment

Jeffrey / Flickr

"Mortgage delinquencies hit a record in April, well above anything seen during the Great Recession," reports Andrew Van Dam. "Some 3.4 percent of Americans became at least 30 days delinquent on their mortgage in April, according to a new analysis from CoreLogic."

While such high delinquency rates would usually indicate a sign of a housing crash to come, Van Dam offers a caveat about the many uncertainties of the current economy, and says a housing crash like in the Great Recession isn't certain. 

"For starters, the new delinquency figure includes an unknown number of households who are late on their payments because their loans are in forbearance, CoreLogic chief economist Frank Nothaft said." More details on the popularity of the mortgage forbearance program enabled by the CARES Act is included in the source article.

The mortgage delinquencies data also stands in contrast to industry reports of sales of new houses increasing faster than any year since 2005—at the peak of the housing boom of the aughts. 

In additional bad news about the economy and health of the housing market, new data from Apartment List indicates that 32 percent of households haven't yet made their housing payments for the month of July.

Tuesday, July 14, 2020 in The Washington Post

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 2, 2025 - Diana Ionescu

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1, 2025 - Honolulu Civil Beat

White and purple sign for Slow Street in San Francisco, California with people crossing crosswalk.

San Francisco Suspends Traffic Calming Amidst Record Deaths

Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.

July 1, 2025 - KQED

Blue and silver Amtrak train at small station.

Amtrak Rolls Out New Orleans to Alabama “Mardi Gras” Train

The new service will operate morning and evening departures between Mobile and New Orleans.

July 3 - New Orleans City Business

Large spinning swing ride at Chicago's Navy Pier.

The Subversive Car-Free Guide to Trump's Great American Road Trip

Car-free ways to access Chicagoland’s best tourist attractions.

July 3 - Streetsblog Chicago

Aerial view of downtown San Antonio, Texas at night with rotating Tower of the Americas in foreground.

San Antonio and Austin are Fusing Into one Massive Megaregion

The region spanning the two central Texas cities is growing fast, posing challenges for local infrastructure and water supplies.

July 3 - Governing