The rate of past-due payments, serious delinquency and foreclosures on mortgages outstanding all moved lower on a monthly basis.
On single-family loans, delinquency of at least 30 days, including the foreclosure inventory rate, was 5.0 percent as of Feb. 28, 2017.
The late-payment rate receded compared to the preceding month, when the previously reported
30-day rate landed at 5.3 percent.
In the same month last year, 5.5 percent of all residential loans were at least 30 days delinquent.
The latest performance metrics were reported Tuesday by CoreLogic Inc.
“The past-due share dropped to 5 percent, the lowest since September 2007,” CoreLogic Chief Economist Dr. Frank Nothaft commented in the report. “However, current-to-30-day past-due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held mostly steady, recording only a 0.06 percent increase.”
At 9.0 percent, Mississippi had the highest 30-day rate of any state during February 2017. Louisiana’s 8.6 percent was next, then New Jersey’s 8.0 percent, New York’s 7.7 percent and Alabama’s 6.9 percent.
North Dakota’s 30-day rate was 2.2 percent — the lowest of any state.
The most-recent month’s U.S. 90-day rate was 2.2 percent,
retreating from 2.8 percent in February 2016.
CoreLogic reported the foreclosure inventory rate at 0.8 percent, the same as previously reported for January 2017. But the foreclosure rate has fallen from 1.1 percent a year earlier.
“Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007,” Nothaft added.
