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Around 17-Yr Low for Early Stage Mortgage Lates

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The monthly rate of late payments on single-family loans turned sharply lower. The rate of early-stage delinquency, meanwhile, is around the lowest it’s been in 17 years.

As of May 31, residential loans that were at least 30 days past due, including mortgages in the foreclosure process, accounted for 4.5 percent of all home loans outstanding.

Delinquency declined 30 basis points versus the prior month.
Compared to the same month in the prior year, the past-due rate has tumbled 100 BPS.

CoreLogic Inc. reported the performance metrics on Tuesday.

“Strong employment growth and home price increases have contributed to improved mortgage performance,” CoreLogic Chief Economist Dr. Frank Nothaft said in the report.

In Mississippi, the non-current rate during the most-recent month was 8.2 percent — worse than in any other state. No. 2 was Louisiana’s 7.6 percent rate, then 7.1 percent in New Jersey, 6.9 percent in New York and 6.2 percent in Alabama.

North Dakota had a non-current rate of just 2.0 percent — the lowest in the nation.

CoreLogic said that the
early-stage delinquency rate, which includes loans that are between 30 and 59 days past due, fell 30 BPS from April to 1.9 percent.

“Early-stage delinquencies are hovering around 17-year lows,” Nothaft stated.

Reflected in the U.S. non-current rate was a 2.0 percent 90-day delinquency rate including foreclosures. Serious delinquency was no different than in April, when it fell to the lowest level since November 2007,
but has plunged 60 BPS from May 2016.

The foreclosure inventory rate was also unchanged from a month earlier at 0.7 percent but was better than 1.0 percent as of the same date last year.

New York’s 2.3 percent foreclosure inventory rate in May 2017 topped all other states. Next was New Jersey’s 2.2 percent, followed by Maine’s 1.5 percent, Hawaii’s 1.4 percent and New Mexico’s 1.3 percent.

The 0.2 percent foreclosure rate in Colorado was the lowest in the country.

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