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Why Hawaii and Nevada had the largest delinquency spike in December

Writer's picture: Payton Legal GroupPayton Legal Group

Hawaii and Nevada experienced the largest annual increase in overall delinquency rates in 2020, exacerbated by millions of Americans losing their jobs during the pandemic.


Black Knight’s December Loan Performance Insights Report revealed that overall delinquency rates rose 2.1% year over year, with 5.8% of mortgages in some stage of delinquency (30 days or more past due, including those in foreclosure). Hawaii and Nevada posted the biggest gains (both up 4.1%), followed by New York (up 3%), Louisiana and New Jersey (both up 2.8%), Maryland (2.6%), and Mississippi (1.5%).


“Places with large job losses during the last year also experienced big jumps in mortgage delinquencies,” said CoreLogic Chief Economist Frank Nothaft. “By state, Hawaii and Nevada had the largest 12-month spike in delinquency rates, both up 4.1 percentage points. They also had large increases in unemployment rates, up 6.6 percentage points in Hawaii and 5.5 percentage points in Nevada compared with 3.1 percentage points for the US. In Odessa, Texas, unemployment rose by 8.6 percentage points, and delinquencies posted a 9.8 percentage-point jump.”


The number of seriously delinquent mortgages (90 or more days past due) climbed to 3.9% in December, up from 1.2% a year ago. Meanwhile, early-stage delinquencies (30 to 59 days past due) dropped four basis points to 1.4%, and adverse delinquencies (60 to 89 days past due) inched down one basis point to 0.5% year over year. Foreclosure inventory rate or the share of mortgages in some stage of foreclosure also fell from 0.4% in December 2019 to 0.3% in December 2020.

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Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. We are a debt relief agency. We help people file for relief under the bankruptcy code.  Attorney Rusty Payton and Payton Legal Group LLC are responsible for the content of this site.  Attorney Rusty Payton is licensed to practice law by the Supreme Court of Illinois and by the United States District Court for the Northern District of Illinois and the United States Bankruptcy Court for the Northern District of Illinois. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law. Certification is not a requirement to practice law in Illinois. 

Attorney Rusty A. Payton has practiced in Chicago for the last thirty years. He is an honors graduate of the Ohio State University and the Ohio State College of Law. His practice areas are centered around helping people and businesses with some of the most important aspects of their financial lives. Buying a home, signing a lease, getting a security deposit back, forming a new business, filing bankruptcy, negotiating debt relief, dealing with foreclosure or working with a mortgage lender to modify a loan or perform a short sale - these are all common aspects of the firm's practice.

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