It was only a matter of time before mortgage delinquency rates began to creep up in metro Phoenix during the coronavirus pandemic as unemployment has continued to rise.
Nationwide, all stages of delinquency experienced an increase year-over-year, with the nation's serious delinquency rate showing its first annual increase since November 2010, according to a CoreLogic Inc. report evaluating foreclosure and delinquency activity through May.
Over 75% of U.S. metro areas experienced an increase in serious delinquency rates, according to CoreLogic's monthly Loan Performance Insights Report for May 2020.
On a national level, 7.3% of mortgage rates were in some stage of delinquency, which represents 30 days or more past due, including those in foreclosure.
Molly Boesel, CoreLogic's principal economist, said the overall delinquency rate in metro Phoenix more than doubled in May 2020 to 5.3% of all outstanding mortgages, as the unemployment rate in the area climbed into double-digits in April.