How High Did Serious Delinquency Rates Climb This Summer?

first_img How High Did Serious Delinquency Rates Climb This Summer?  Print This Post Home / Daily Dose / How High Did Serious Delinquency Rates Climb This Summer? Demand Propels Home Prices Upward 1 day ago The property information provider CoreLogic released its monthly Loan Performance Insights report for July 2020, which revealed that, on a national level, 6.6% of mortgages were in a stage of delinquency (30 days or more past due, which takes into account those in foreclosure). This represents a 2.8-percentage point increase in the overall delinquency rate compared to this time last year, when it was 3.8%.”To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency,” the company reports, “including the share that transitions from current to 30 days past due.”In July, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows, according to CoreLogic:Early-Stage Delinquencies (30 to 59 days past due): 1.5%, down from 1.8% in July 2019, and  down from 4.2% in April when early-stage delinquencies spiked.Adverse Delinquency (60 to 89 days past due): 1%, up from 0.6% in July 2019, but down from 2.8% in May.Serious Delinquency (90 days or more past due, including loans in foreclosure): 4.1%, up from 1.3% in July 2019. This is the highest serious delinquency rate since April 2014.Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, down from 0.4% in July 2019. The July 2020 foreclosure rate is the lowest for any month in at least 21 years.Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.8%, unchanged from July 2019. The transition rate has slowed since April 2020, when it peaked at 3.4%.Home values, according to the CoreLogic Price Index, are rising, yet, the report said, “unemployment levels in hard-hit areas remain stubbornly high, leaving some borrowers house-rich but cash poor. Despite the slow reopening of several sectors of the economy, recovery for other industries like entertainment, tourism, oil and gas have a more uncertain outlook for the remainder of 2020. With persistent job market and income instability, Americans continue to tap into savings to stay current on their home loans. But as savings run out, borrowers could be pushed further down the delinquency funnel.”Millennials, are among the many Americans taking advantage of low rates to either purchase their first home or upgrade their living situations,” said Frank Martell, president and CEO of CoreLogic. “However, given the unsteadiness of the job market, many homeowners are beginning to feel the compounding pressures of unstable income and debt on personal savings buffers, creating heightened risk of falling behind on their mortgages.”Added Dr. Frank Nothaft, Chief Economist at CoreLogic, “Four months into the pandemic, the 120-day delinquency rate for July spiked to 1.4%. This was the highest rate in more than 21 years and double the December 2009 Great Recession peak. The spike in delinquency was all the more stunning given the generational low of 0.1% in March.”While all U.S. states in July logged an increase in overall as well as serious delinquencies, pandemic hotspots Nevada, New Jersey, Hawaii, New York, and Florida were impacted the most, according to CoreLogic.By the same token, every U.S. metro area recorded at least a small increase in serious delinquency rates in July. Odessa, Texas—which has been hard hit by job loss in the oil and gas industry—experienced the largest annual increase. Laredo, Texas;  Miami; McAllen, Texas; and Kahului, Hawaii all experienced a large increase in serious delinquency.Authors of CoreLogic’s report stated that  “with industries like oil and gas projected to leave millions of jobs unrestored throughout the remainder of the year, we may expect to see continued increases in mortgage delinquencies.”For the full report, including regional data, graphics, and methodology, visit CoreLogic’s website. Related Articles 2020-10-13 Christina Hughes Babb About Author: Christina Hughes Babb Previous: The Industry Pulse: Forbearance Tools & Expanded Services Next: Estimating Property Damage Caused by Hurricane Delta The Week Ahead: Nearing the Forbearance Exit 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly,, Dallas Observer, Edible, and the Dallas Morning News, among others. 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The mystery of the medicine man

first_imgThe names may vary — medicine man, witch doctor, holy man, prophet — but the notion of the shaman, someone who uses trance to commune with the supernatural and effect real-world change, is one that crosses virtually all cultural boundaries.The question of why is among the central puzzles of anthropology.At least part of the answer lies with the way humans — from hunter-gatherer tribes in the rainforest to people living in a modern city — are wired to think about the world and other humans, contends Manvir Singh, a graduate student in the Department of Human Evolutionary Biology in the Graduate School of Arts and Sciences, whose paper was published in Behavioral and Brain Sciences.Singh’s paper, along with more than two dozen commentaries from researchers in a host of fields, argues that shamanism develops as specialists compete to provide magical services to their community. The outcome is a set of traditions that hacks people’s psychological biases to convince them that they can control the uncertain.“The theory is that there are important things we really want to have control over — calling rain, summoning animals, healing illness,” he said. “All around the world, people believe that these important, uncertain outcomes are influenced by invisible forces — gods, witches, their ancestors, fairies, and more. But a shaman says, ‘I can control that. I can talk to fairies. I can see signs of witches. I can be possessed by a god or speak to them.’”To understand how shamanism emerges, Singh first had to address a nagging question in anthropology — what exactly is a shaman?“It’s a hugely debated and contested idea,” he said. “But in the most general terms, a shaman is a person in a group who enters a type of trance — a very foreign behavioral and psychological state — to provide services to the community.”Those services, Singh said, could range from healing disease to exorcising evil spirits to telling fortunes, or even changing the weather.,The key to the community’s trust that a shaman has those abilities, Singh said, comes from the belief that the shaman is transformed into something more than human, and able to interact with supernatural forces. That transformation can be permanent, like the supposed acquisition of new organs, or temporary, as when shamans dance for hours and enter exhausted trance states.“There are several lines of research that show people believe other people have different powers when those people diverge from humanity,” he said. “One great example of this is the superhero narrative. In those stories, the reader has to believe this person has powers normal humans don’t, so the writers often include an origin myth — this person was bitten by a radioactive spider, or they have some genetic mutation, or they’re actually an alien.”In different societies, shamans may claim that they create a new skeleton, are devoured and resurrected, or magically alter their eyes so they can see spirits.“The point is they are biologically or physiologically a different kind of being,” Singh said. “And that gives us some insight into what’s going on with these shamanic practices. They become an individual who can engage with the supernatural. They become a different kind of human.”Singh said the transformation process helps explain how shamans became the first professional class in human societies.“To become one of these people who can oversee these uncertain events, you have to undergo this transformation. That creates two classes of individuals — those who have been transformed and those who have not,” Singh said. “This creates a separate class of individuals where there is an entry requirement, and where they have near-exclusive jurisdiction over these services.”,That professionalization, Singh said, is different from the loose specialization that often appears in small-scale societies. While some members of the community might have a talent for making canoes or bows, there is no social barrier that prevents another person from making his or her own canoe or bow.“Meanwhile for shamans, it quickly develops into a system where, to become a shaman, you have to undergo a transformative ritual — there are these entry requirements,” he said.Going forward, Singh said he hopes to explore the variety of powers shamans claim and how those alleged supernatural abilities translate to power in their communities. He is also working on understanding why other near-universal cultural practices develop, including music and belief in witchcraft.“Shamanism is only one of countless cultural practices that emerge nearly everywhere, yet exhibit very particular and odd features,” he said. “These social and cultural universals — punitive justice, dance music, witchcraft, initiation ceremonies, and so on — are among the most fundamental puzzles of anthropology. Given how much we’ve come to know about human psychology and sociality, now is an exciting time to investigate why human societies everywhere look so strikingly similar.”This research was supported with funding from the National Science Foundation. Related Some musical meaning may transcend cultural boundaries and be universally human, study sayscenter_img Songs in the key of humanitylast_img read more