The New Orleans metro area has earned an unwelcome financial distinction during the coronavirus pandemic: more homeowners here are at risk of losing their homes due to unpaid mortgages than in any other major American city.

More than one-in-ten borrowers in the New Orleans-Metairie metro area are now at least 30 days late with mortgage payments and could be at risk of foreclosure on their properties, according to federal data.

The risk isn’t spread evenly either. Data from the Federal Reserve from earlier in 2020 show that forbearance and mortgage delinquency rates in area codes like 70127, which includes New Orleans East, are about twice the metro area’s average, whereas those in areas that include Old Metairie and Mandeville are closer to the

Read More At:  Article Source