Although the volatile early stage mortgage delinquency rate turned sharply higher, other performance metrics were better and are likely to continue improving.
Thirty-day delinquency on single-family loans, including mortgages that are in the foreclosure inventory, was 4.8 percent as of April 30.
The non-current rate deteriorated compared to the preceding month when it was 4.4 percent — the lowest level since back in March 2007.
Those details and more were presented Tuesday in the Loan Performance Insights Report from CoreLogic Inc.
In the same month last year, the non-current rate came in at 5.3 percent.
The non-current rate was 8.6 percent as of the most-recent month in Mississippi — the highest
of any state. After that was 8.3 percent in Louisiana, then 7.5 percent in New Jersey, 7.4 percent in New York and 6.7 percent in Alabama.
At only 2.1 percent, North Dakota had the highest rate of any state.
“Regionally, with the exception of several energy industry intensive states — Alaska and North Dakota — the rest of the U.S. continues to see improvements in mortgage performance,” CoreLogic Chief Economist Frank Nothaft said in the report. “While overall performance is improving, it reflects the older legacy pipeline of loans that continue to heal, especially in judicial states which typically take longer to clear out.”
U.S. loans that were between 30 and 59 days past due, excluding foreclosures, accounted for 2.2 percent of the latest U.S. book of business. Early stage delinquency, which CoreLogic said can be volatile, soared 50 basis points from March — the lowest rate since January 2000 — and rose 20 BPS from April 2016.
Ninety-day U.S. delinquency, however, fell 10 BPS from a month earlier to 2.0 percent and was 60 BPS better than a year earlier.
The U.S. foreclosure inventory rate was 0.7 percent, improving from 0.8 percent as of March 31, 2017, and 1.0 percent as of April 30, 2016.
CoreLogic President and Chief Executive Office Frank Martell commented, “It appears likely that delinquency rates will continue to fall for some time, but at a moderating pace.”
