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Mortgage Delinquency Up, Foreclosure Rate Holds

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Mortgage Daily

                                                 January 9, 2018

Although overall mortgage delinquency moved higher, early stage delinquency retreated, while serious mortgage delinquency and the foreclosure rate held steady.

Delinquency of at least 30 days on single-family loans, including loans in the foreclosure inventory, represented 5.1 percent of all mortgages as of Oct. 31, 2017.

The non-current rate was elevated versus the preceding month, when it was previously reported at 5.0 percent. But an improvement was recorded from 5.2 percent a year prior.

Those details and more were revealed Tuesday by CoreLogic Inc.

Florida’s non-current rate as of Oct. 31 was 9.7 percent — higher than any other state. After that was Mississippi’s 8.5 percent, then Louisiana’s 8.0 percent, New York’s 6.9 percent and Texas’ 6.8 percent.

North Dakota had the lowest rate: 2.0 percent.

Reflected in the most-recent U.S. non-current rate was a 2.3 percent 30-to-59-day rate, down from 2.4 percent in September — when it had deteriorated.

“The temporary rise in September’s early-stage delinquencies reflected the impact of the hurricanes in Texas, Florida and Puerto Rico, but now the impact from the hurricanes is fading from a national perspective,” CoreLogic Chief Economist Dr. Frank Nothaft explained in the report. “While the national impact is waning, the local impact remains. Some Florida markets continue to see increases in early-stage delinquency transition rates in October, reaching 5 percent, on average, in Miami, Orlando, Tampa, Naples and Cape Coral. Texas markets such as Houston, Beaumont, Victoria and Corpus Christie peaked at over 7 percent in September, but are on the mend and improving in October.”

The October 2017 increase in the U.S. non-current rate was driven by delinquency of between 60 and 90 days, which climbed to 0.9 percent from 0.7 percent both a month prior and a year prior.

The 90-day rate was unchanged for the fourth consecutive month at 1.9 percent.

CoreLogic reported that the foreclosure inventory rate was 0.6 percent, the same as in the last report and down from 0.8 percent in the year-earlier report.

At
1.9 percent, the foreclosure rate in New York was the highest in the nation. Next was New Jersey’s 1.6 percent, followed by Maine’s 1.3 percent, Hawaii’s 1.2 percent and 1.1 percent both in the District of Columbia and New Mexico.

Colorado’s 0.2 percent foreclosure rate was the lowest of any state.

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