Distressed

For the first time since June 7, the number of loans going into coronavirus-related forbearance didn't decrease from the week before, according to the Mortgage Bankers Association.

Blackstone Group, which led Wall Street's initial foray into the single-family rental business, is making a new investment in suburban houses at a time when the COVID-19 pandemic is pressuring traditional commercial real estate.

The new reality for investors and originators accounts for forbearances and ability-to-repay.

If it makes landfall as a Category 3 storm as was initially projected, damage from Hurricane Laura's surge could potentially devastate 432,810 residential properties in Texas and Louisiana, according to CoreLogic.

As interest rates tumbled throughout July, prepayments climbed to the highest monthly rate since 2004, but 90-days-or-more delinquencies were on the rise from June, according to Black Knight.

Positive payment behaviors in conjunction with CARES Act measures kept mortgage delinquencies from rising, but the number of borrowers facing hardship grew exponentially from last year, according to TransUnion.

With the moratorium still in place, mortgage foreclosure activity fell 83% in July compared to the year before and 4% from June, according to Attom Data Solutions.

Borrowers will likely have to put more assets on the line to get forbearance extensions.

Though overall forbearance share is down, the number of extensions is rising as coronavirus hardship filings surpass the 90-day mark that delineates the end of traditional forbearance plans.

The number of loans going into coronavirus-related forbearance dropped for the sixth consecutive week, as the growth rate fell 6 basis points between July 13 and July 19, according to the Mortgage Bankers Association.