Mortgage delinquencies jumped to highest rate in 20 years

first_imgA new report by CoreLogic showed mortgage payments that are over 120 days delinquent rose to 1.4 percent in July, its highest level since 1999 (iStock)The coronavirus has managed to send the U.S. housing market surging in opposite directions simultaneously.On one end, demand for new mortgages and homes is surging as buyers look to take advantage of rock-bottom interest rates and eager sellers.On the other end, homeowners across the country are struggling amid the upended economy, and can’t make their loan payments.Late-stage mortgage delinquencies rose to 1.4 percent among borrowers in July, the highest level since 1999, according to a new report from CoreLogic. The July numbers represent the latest available data and stand in contrast to pre-Covid March, when late-stage delinquencies — 120 days or more — stood at just 0.1 percent.“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,” said Frank Martell, president and CEO of CoreLogic in a statement.ADVERTISEMENTMiami, which was one of the epicenters of the housing crisis in 2008, reported one of the highest rates of mortgage delinquencies in July. In Miami, payments that were more than 30 days late rose to 12.1 percent, up from 5 percent in July 2019. Mortgages that were more than 90 days delinquent in Miami totaled 8.4 percent in July, up from 2 percent year over year.New York City also recorded one of the highest delinquency rates in July. Mortgages with delinquencies over 30 days totaled 10.5 percent, compared to 5 percent in July 2019. Mortgages that were more than 90 days late rose to 7.5 percent in New York, up from 2.5 percent a year ago.And in Los Angeles, mortgage delinquencies over 30 days totaled 6.3 percent, up from 2.3 percent year over year; delinquencies of more than 90 days totaled 4.1 percent, up from 0.6 percent in July 2019.Nationwide, all states saw increases in delinquency rates of 30 days or more and 90 days or more because of the pandemic, the data shows. States that reported the highest rates included Florida and New York, along with New Jersey and Nevada.Many state governments and federal agencies have enacted moratoriums on evictions and foreclosures, preventing foreclosures from happening even as delinquencies increase. A foreclosure moratorium on home mortgages backed by Fannie Mae and Freddie Mac extends through December. This content is for subscribers only.Subscribe Nowlast_img read more

National Endowment for the Humanities supports preservation of Qajar dynasty

first_imgThe National Endowment for the Humanities has made a $346,733 grant to a team of Qajar historians. The purpose of this grant, which lasts from May 2009 to June 2011, is to develop a comprehensive digital archive and Web site at Harvard University that will preserve, link, and render accessible primary source materials related to the social and cultural history of women’s worlds during the reign of the Qajar dynasty (1785-1925) in Iran.The Qajar dynasty is perhaps most notable for a series of intense interactions with Europe (Britain and Russia, in particular), many of which introduced cultural and political changes that still resonate in Iran today. The proposed archive will address a significant gap in the scholarship related to this important time in Iran’s history by making available personal documents, such as writings and photographs, created by and reflecting the lives of women during the Qajar era.The team is composed of Afsaneh Najmabadi, the Francis Lee Higginson Professor of History and Professor of the Studies of Women, Gender, and Sexuality at Harvard; Nahid Mozaffari, New York University; Naghmeh Sohrabi, Brandeis University; and Dominic Parviz Brookshaw, University of Manchester, U.K.Digitizing and archiving activities supported by this grant will focus primarily on materials from private family holdings and Iranian archival holdings. Harvard already houses other digital archives related to the history of modern Iran, such as the ‘Ali Khan Vali photograph album and the Iranian Oral History Project. The new project will make Harvard’s libraries a very rich depository of archival material for the study of modern Iranian history.For more information on Harvard’s Iranian Oral History Project, visit read more

World Cup 2018: Belgium up against Japan and the hopes of a continent

first_imgBelgium take on Japan, the only Asian team in the knockout stages of FIFA World Cup 2018, with the spot in the quarter-finals up for grabs at the Rostov Arena in Rostov-On-Don.Japan emerged against most expectations from a tricky group containing Colombia, Poland and Senegal – three sides with greater firepower. The manner of Japan’s qualification will probably not send waves of fear into a Belgium squad which is as technically gifted as it is deep.The Japanese only just squeezed through, taking a route no team has ever taken out of a World Cup group. Japan and Senegal finished with four points each, had the same goal differential, scored the same number of goals and even drew 2-2, sending it to a tiebreaker being used at the World Cup for the first time: disciplinary record.Japan only advanced because it received fewer yellow cards than Senegal. Now it’s up against arguably the most well-balanced and complete side in the competition.Belgium, on the other hand, swept through the group stage with three wins for the second World Cup in succession.2018 FIFA WORLD CUP: FULL COVERAGENow the highly regarded team needs to prove it has more substance than it did four years ago, when the Red Devils went out at the quarterfinal stage. There is so much hype surrounding this Belgium side, anything but a semifinal appearance – matching the nation’s best achievement in 1986 – will be deemed a disappointment.Belgium averaged three goals per game, and looked flashy even when playing mostly reserves against England in winning the last group game.advertisementBelgium has one of the world’s best goalkeepers in Thibaut Courtois – who has yet to make the same blunders befalling other big-name goalies here in Russia – a superb orchestrator of attacks in the wonderfully gifted Eden Hazard and a lethal finisher in striker Romelu Lukaku.Despite being only 25 years old, the powerfully-built Lukaku already has 40 international goals – including four so far in Russia. This puts him level with Portugal star Cristiano Ronaldo, and one behind England striker Harry Kane in the race to finish top scorer at the World Cup.Lukaku will look to add to his group-stage tally of four goals against a Japan defense conceding more than a goal per game. Japan may well have conceded more than four goals overall, but played almost the entire game with an extra man in a 2-1 win against Colombia, which had a player sent off in the third minute.Lukaku has even more reason to be confident, considering the quality of service he can expect from Hazard, midfielder Kevin De Bruyne and wide forward Dries Mertens.The attacking trio of Mertens-Lukaku-Hazard is one of the most eye-catching around. Lukaku has made their job easier by improving his movement off the ball, too, since he has a tendency to be too static at times when just waiting inside the penalty area. STOPPING BELGIUMJapan coach Akira Nishino has his work cut out containing Belgium’s free-flowing attacks. Even if he manages to keep Hazard quiet, there are still multiple threats.De Bruyne has proved to be an exquisite passer with Premier League champion Manchester City, and is especially dangerous with long-range passes and crosses. Mertens has a more unpredictable style of play, but has mesmerizingly quick feet, an even quicker brain and – despite his diminutive size – he is hard to knock off the ball.Mertens’ modest tally of 15 goals in 72 games for Belgium does not do justice to his finishing ability. When the mood takes him, Mertens is utterly ruthless in front of goal and he has netted 56 goals overall in the past two seasons with Napoli in Italy’s Serie A. JAPANESE THREATGiven the fragility of Japan’s defense, Nishino may have no choice but to try and take the game to Belgium. This could produce a high-scoring contest.Japan also has talented and experienced attacking players in former Manchester United forward Shinji Kagawa and the hugely popular Keisuke Honda.Kagawa, who has 31 international goals, is likely to play as a playmaker behind the lone striker in Nishino’s favored 4-2-3-1 formation.Honda, who has netted 37 times for Japan, is no longer a regular, but the 32-year-old former AC Milan player remains dangerous on free kicks. Attack-minded fullback Hiroki Sakai also adds another dimension with his marauding runs down the right flank.Nishino must decide between Yoshinori Muto and Yuya Osako as his lone striker. After starting the first two games, and coming on early in the second half against Poland, Osako is favored to start.advertisement(With inputs from AP)last_img read more