The May 24, 2023 Black Knight report states that the U.S. national delinquency rate spiked 13% higher in April 2023 from March’s 2023 record low. Also, early-stage delinquencies (borrowers 30 days late) increased by 200,000 (+25%) which is something I have been watching. As a market changes, I feel we will often see it in these early stage defaults.