Mortgage delinquencies posted the largest single-month increase in history in April, according to new data from Black Knight.
Some 3.6 million homeowners were delinquent on their mortgages at the end of April, the most since January 2015. That number also includes about 211,000 homeowners who were in active foreclosure, according to Black Knight.
That’s an increase of 1.6 million delinquencies since March, the largest single-moth jump on record, according to Black Knight.
“This number includes both homeowners past due on their mortgage payments who are not in forbearance, as well as those in forbearance plans and who did not make an April mortgage payment,” the analytics firm said.
The national delinquency rate was 6.45%, nearly doubling from March in the largest single-month increase ever recorded. The jump from March to April was nearly three times the previous record for a single-month jump, set in late 2008.
Nevada saw the largest increase in Delinquencies, climbing 5.2% to a delinquency rate of nearly 8%. New Jersey (+5.1%) and New York (+4.9%) followed.
Among the 100 largest metropolitan areas, Miami saw the biggest delinquency jump at 7.2%, followed by Las Vegas (+6.2%) and New York City (+5.4%).
Meanwhile, fewer loans in late-stage delinquency (90 or more days past due) cured to a better state in April, and the number of seriously delinquent loans shot up by 14%, or about 56,000, from March.