An indicator that presaged the housing crisis is flashing red again

[Zorro]

Mortgage delinquencies hit a record in April, well above anything seen during the Great Recession.

Some 3.4 percent of Americans became at least 30 days delinquent on their mortgage in April, according to a new analysis from CoreLogic. The real estate data firm’s figures include about three of four U.S. mortgages, going back to 1999.

Mortgage delinquencies were among the first signs of the housing crisis and can signal underlying weakness in the housing market. But does the surge in delinquency mean a second housing crisis looms with a wave of foreclosures?

Probably not. As with most data released during this coronavirus period, these figures come wrapped in caveats and uncertainty.

https://www.washingtonpost.com/business/2020/07/14/new-mortgage-delinquencies-hit-record-high/

[peggysue2]

1. I fear we're going to see general mayhem

Foreclosures, evictions, bankruptcies, a lot of financial pain. There's more ugly on the way.