Mortgage delinquency ascended to the highest level in 11 months as loan performance continues to be impacted by last year’s hurricanes. Foreclosures held steady, though.
Last year concluded with the rate of 30-day delinquency on residential loans, including foreclosures, at 5.3 percent — the highest it’s been since January 2017.
The non-current rate escalated from the preceding month, when it was 5.1 percent. But no change was noted versus the final month of 2016.
CoreLogic Inc. presented the delinquency metrics Tuesday in its Loan Performance Insights Report.
In Florida, the
non-current rate was 9.2 percent — worse than any other state. Close behind was Mississippi with a 9.1 percent rate, then Louisiana’s 8.5 percent, New York’s 7.2 percent and New Jersey’s 6.9 percent.
At just
2.2 percent, Colorado had the lowest rate.
U.S. 90-day delinquency, including foreclosures, closed out 2017 at 2.1 percent, up from 2.0 percent as of Nov. 30, 2017, but lower than 2.3 percent as of year-end 2016.
CoreLogic Chief Economist Dr. Frank Nothaft noted in the report that Northern California wildfires impacted serious delinquency.
“The after effects of Hurricanes Harvey, Irma and Maria continue to appear as well,” Nothaft said. “Serious delinquency rates in the Houston and Miami metropolitan areas doubled between September and year-end and quadrupled in the San Juan area of Puerto Rico.”
CoreLogic reported that the foreclosure inventory rate was 0.6 percent as of Dec. 31, 2017, no different that a month earlier but lower than 0.8 percent a year earlier.
At 1.9 percent, New York had the highest foreclosure rate in the nation. Next was New Jersey’s 1.5 percent, then 1.3 percent in Maine, 1.1 percent in Hawaii and 1.0 percent in the District of Columbia.
Colorado’s foreclosure inventory rate was lower than in any other state: 0.1 percent.
