In the first month of this year, the performance of residential loans was better than it’s been in nearly a decade. North Dakota was best.
As of Jan. 31 of this year, home loans that were at least 30 days past due or in foreclosure accounted for 5.3 percent of all U.S. loans.
The last time that 30-day mortgage delinquency was that low was in August 2007, when the rate of late payments came to 5.0 percent.
That was according to performance data reported Tuesday by CoreLogic Inc.
Thirty-day delinquency was 5.4 percent as of year-end 2016 based on historical data provided separately by Irvine, California-based CoreLogic.
The latest rate was much lower than 6.4 percent as of Jan.31, 2016.
“Steady job and income growth, combined with full-doc underwriting, has led to low early-stage delinquencies,” CoreLogic Chief Economist Dr. Frank Nothaft said in the report. “January’s 0.9 percent transition rate for current to 30 days late is lower than a year ago and much lower than the 1.5 percent average from 2000 and 2001, during which the foreclosure rate was, conversely, lower than it is today.”
In Mississippi, January 2017’s thirty-day rate was 9.4 percent — worse than any other state. Louisiana’s 8.8 percent was next, then 8.6 percent in New Jersey, 8.0 percent in New York and 7.1 percent in Alabama.
At just 2.1 percent, the lowest 30-day delinquency rate was in North Dakota.
Included in the Jan. 31, 2017, U.S. rate was an 0.8 percent foreclosure inventory rate. A year earlier, the foreclosure rate was 1.1 percent.
