It’s been nearly a decade since the rate of serious mortgage delinquency has been this low. Early stage delinquency, meanwhile, sank to a 17-year low.
U.S. single-family
loans that were delinquent at least 30 days or in the foreclosure inventory accounted for 4.4 percent of all loans outstanding as of March 31.
Mortgage delinquency retreated versus one month previous, when the non-current rate on residential loans was previously reported at 5.0 percent.
It was also lower than 5.2 percent in March 2016.
CoreLogic Inc. delivered the performance metrics in its Loan Performance Insights Report.
In Mississippi, the past-due rate as of March 31, 2017, was 7.8 percent — worse than in any other state. Louisiana’s 7.5 percent followed, then New Jersey’s 7.2 percent, New York’s 7.0 percent and Alabama’s 6.0 percent.
The lowest non-current rate was in North Dakota: 1.9 percent.
Mortgages that were between 30 and 59 days past due represented 1.7 percent of the U.S. book of business in the latest report — the lowest rate since January 2000.
The U.S. 90-day rate finished March at 2.1 percent. Serious delinquency eased from a previously reported 2.2 percent a month earlier and fell from a downwardly revised 2.7 percent a year earlier.
“Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007,” Dr. Frank Nothaft, CoreLogic chief economist, said in the report.
CoreLogic said
the foreclosure inventory rate was 0.8 percent, the same as in February. But the foreclosure rate declined from 1.0 percent in March 2016.
“Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains,” CoreLogic President and Chief Executive Officer Frank Martell stated in the report. “Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets.”
