Skipped mortgage payments across California are jumping to levels not seen since the mortgage mess surrounding the Great Recession.
Should we be very worried about a pandemic-burdened economy’s hit to bill-paying abilities?
Let’s start with a few numbers from mortgage tracker CoreLogic and its measure of “seriously delinquent” home loans in August — those with 90 days or more of late payments.
Statewide, 3.8% of home loans were in deep trouble compared with 0.6% a year earlier. Yes, that’s a six-fold-plus jump.
It’s largely the same story in this sample of key markets …
Riverside and San Bernardino counties: 4.6% “seriously” tardy vs. 1% a year earlier.
Los Angeles-Orange County: 4.2% vs. 0.6% a year earlier.
San Francisco metro: 2.8% vs. 0.3% a year earlier.
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