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USRT - It Starts: Mortgage Delinquencies Suddenly Soar At Record Pace
iShares Core U.S. REIT
And this is just for April, the very beginning of the pandemic's impact on housing.
OK, it's actually worse. Mortgages that are in forbearance and have not missed a payment before going into forbearance don't count as delinquent. They're reported as "current." And 8.2% of all mortgages in the US - or 4.1 million loans - are currently in forbearance, according to the Mortgage Bankers Association. But if they did not miss a payment before entering forbearance, they don't count in the suddenly spiking delinquency data.
The onslaught of delinquencies came suddenly in April,