The 15 States With The Most Serious Mortgage Delinquencies

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This article was first published on Construction Coverage.

Due to the COVID-19 pandemic’s record-breaking unemployment numbers, millions of Americans will be unable to make their mortgage payments in 2021.

The CARES Act, which was enacted in response to the crisis, established a moratorium on home foreclosures for all federally backed mortgages that will last until the end of the year.The act also put many federally backed mortgage loans into forbearance, allowing nearly 70% of all outstanding mortgage holders with federally backed mortgages to defer payments for a period of time.

According to recent data from the New York Fed, the percentage of total mortgage debt in the United States that is seriously delinquent (90 days or more past due) has reached a 15-year low in light of forbearance programs.The New York Fed data on forbearance likely reflects the short-term impact of the federal relief package on the current economic environment.

In contrast, according to CoreLogic data, the seriously delinquent rate is at a five-year high, and mortgage payments that are more than 120 days past due are at a 21-year high.When the relief bill expires, CoreLogic’s analysis will take into account all missed mortgage payments, regardless of whether they are in forbearance, giving a more accurate picture of the impending mortgage payment crisis.

When forbearance programs expire and the foreclosure moratorium is lifted, millions of homeowners could face serious financial difficulties.When forbearance programs expire, the states with the most serious mortgage debt problems are likely to be the hardest hit.

The 15 states with the highest rate of seriously delinquent mortgage debt are listed below.

Techniques

Homes in San Jose, California

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The states with the highest mortgage delinquency rates were identified using data from the New York Fed.When calculating mortgage delinquency rates, the New York Fed considers forbearance programs.

According to the New York Fed, there are 61 million people in the United States who are unemployed.Between April and June, 1% of mortgages in early delinquency became current.In addition, the number of mortgages whose status deteriorated decreased, implying that forbearances are a major factor in the most recent reported mortgage delinquency rates for 2021.

Millions of forbearances granted under the CARES Act will expire at some point, resulting in a significant increase in delinquencies and foreclosures if employment levels do not improve.

Researchers compared New York Fed mortgage and population data with household and mortgage data from the United States to determine the average mortgage debt of mortgaged households.SThe American Community Survey (ACS) for 2021 has been released by the Census Bureau.The ACS provided median household income data, while the Bureau of Labor Statistics provided unemployment data.

Pennsylvania is a state in the United States

Philadelphia, downtown evening rush hour.

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of13%
  • The average mortgage debt per household is $139278.
  • Households with a mortgage have a median income of $94035.
  • The unemployment rate in April 2021 is 15 percent.6%

South Carolina is a state in the United States.

Charleston, South Carolina

Shutterstock/James Kirkikis

  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of19%
  • 150146 is the average mortgage debt per household with a mortgage.
  • Households with a mortgage have a median income of $83591.
  • Unemployment rate in April 2021: 122%

West Virginia is a state in the US.

Harpers Ferry, West Virginia

Shutterstock/Andrei Medvedev

  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of24%
  • Mortgage debt per household is 100894 dollars on average.
  • Households with a mortgage have a median income of $75215
  • The unemployment rate in April 2021 is 15 percent.8%

Oklahoma is a state in the United States

Shutterstock/Bob Pool

  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of25%
  • The average mortgage debt per household is 121547 dollars.
  • Households with a mortgage have a median income of $84367.
  • Unemployment rate in April 2021: 143%

Illinois is a state in the United States

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of27%
  • The average mortgage debt per household is 164765 dollars.
  • Households with a mortgage have a median income of 101117.
  • The unemployment rate in April 2021 is 16 percent.8%

Maryland is a state in the United States

Baltimore, Maryland

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of33%
  • The average mortgage debt per household is $24972.
  • Households with a mortgage have a median income of 118991 dollars.
  • Unemployment rate in April 2021: 98%

New Mexico is located in the United States.

R. BonitaShutterstock / Chesier

  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of35%
  • 151837 is the average mortgage debt per household.
  • Households with a mortgage have a median income of $76399.
  • Unemployment rate in April 2021 is 11 percent.4%

Florida is a state in the United States

Family on Florida beach

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of47%
  • 189978 is the average mortgage debt per household with a mortgage.
  • Households with a mortgage have a median income of $83747.
  • Unemployment rate in April 2021: 135%

Louisiana is a state in the United States

Streetcar in New Orleans

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of5%
  • 143901 is the average mortgage debt per household.
  • Households with a mortgage have a median income of $85646.
  • Unemployment rate in April 2021: 145%

Maine is a state in the United States

Darryl Brooks is a photographer who works for Shutterstock.

  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of54%
  • The average mortgage debt per household is $130579.
  • Households with a mortgage have a median income of 83704 dollars.
  • The unemployment rate in April 2021 will be 10%.8%

Mississippi is a state in the United States

Mississippi road sign

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of6%
  • The average mortgage debt per household is $10,8984.
  • Households with a mortgage have a median income of $72845.
  • The unemployment rate in April 2021 is 15 percent.7%

New Jersey is a state in the United States.

People pack the beach in Atlantic City, New Jersey

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of73%
  • The average mortgage debt per household is 231642 dollars.
  • Households with a mortgage have a median income of 126612.
  • The unemployment rate in April 2021 is 15 percent.9%

Delaware is a state in the United States

Delaware

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  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of73%
  • The average mortgage debt per household is 181488 dollars.
  • Households with a mortgage have a median income of $94789.
  • Unemployment rate in April 2021: 148%

Connecticut is a state in the United States

Shutterstock/Edward Fielding

  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of77%
  • The average mortgage debt per household is 218838 dollars.
  • Households with a mortgage have a median income of 116398 dollars.
  • 8% unemployment rate in April 2021

New York is a city in the United States.

Shutterstock Images of Monkey Business

  • 1 percent of mortgages are delinquent 1 percent of mortgages are delinquent 1 percent of9%
  • The average mortgage debt per household is 229469 dollars.
  • Households with a mortgage have a median income of 112733 dollars.
  • The unemployment rate in April 2021 is 15 percent.1%

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