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Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Another Good Reading on Serious Mortgage Delinquency

90-day rate down 10 BPS in April

June 19, 2013

By Mortgage Daily staff

There has not been any deterioration in the rate of serious mortgage delinquency in more than a year. A pair of states on the East Coast boasted the highest delinquency rates in the nation.

Home loans that were past due at least 90 days, including foreclosures, accounted for 5.9 percent of all outstanding mortgages as of April 30.

The serious delinquency rate on residential loans retreated from March, when 6.0 percent of all mortgages were delinquent.

Ninety-day delinquency has not increased since January 2012, when the rate was 7.4 percent, while past-due payments have been lower each month since December 2012, when delinquency stood at 6.4 percent.

The delinquency data was reported Wednesday by CoreLogic.

An 90-basis-point improvement was recorded over the same month in 2012.

The April delinquency rate reflected a 2.8 percent foreclosure rate and an 0.4 percent REO rate.

On just first mortgages, the 90-day rate was 1.31 percent as of the end of April, 10 BPS better than in March, according to the S&P/Experian Consumer Credit Default Indices.

The S&P/Experian report subsequently released for May indicated that serious delinquency hadn't moved from April.

Florida had a higher delinquency rate than any other state in CoreLogic's April report: 14.0 percent. The Sunshine State was clouded by a 14.4 percent rate in the Tampa-St. Petersburg-Clearwater, Fla., area -- the highest among the 25-biggest core-based statistical areas. Also hurting Florida was the Orlando-Kissimmee-Sanford, Fla., CBSA's 14.2 percent rate.

Next was New Jersey's 11.4 percent. The Garden State was hurt by the Edison-New Brunswick CBSA, where the delinquency rate was 9.6 percent.

Nevada's 10.0 percent followed.

No. 4 was Illinois, with a 7.9 percent 90-day delinquency rate. Illinois was home the fifth-worst CBSA -- the Chicago-Joliet-Naperville, Ill., area, where the 90-day rate was 9.1 percent.

Maryland had a 7.7 percent past-due rate, the fifth-worst of any state.

At 10.7 percent, the Nassau-Suffolk, N.Y., area had the third-highest rate of all CBSAs covered.

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