U.S. mortgage delinquencies soared in May to their highest level since November, 2011.
Bloomberg reports that, according to data released by Black Knight Inc., the number of delinquent mortgages grew by 723,000 to 4.3 million in May, and that more than eight percent of all mortgages in the United States were past due or in foreclosure.
April saw a larger increase in delinquencies, but with the Coronavirus pandemic showing signs of coming back with more new cases being reported daily, there is growing uncertainty about the future for people who have been relying on relief programs to pay their bills.
The count includes homeowners who have missed their payments due to forbearance agreements. That number is expected to grow as well as some homeowners who were able to make payments in the early days of the pandemic may now seek relief.
According to Black Knight, only 15 percent of those homeowners in forbearance made payments as of June 15. In May, 28 percent made payments, and 46 percent made payments in April.