A mild month-over-month rise in the non-current single-family rate was reported. Areas driven by oil production have seen increasing serious mortgage delinquency.
At the end of July of this year, 4.6 percent of all U.S. residential loans were either past due at least 30 days or in the foreclosure inventory.
The latest reading on mortgage performance was slightly worse than in the preceding month, when the nation’s book of business had a 4.5 percent non-current rate.
But CoreLogic Inc., which reported the data Tuesday, indicated that the non-current rate has tumbled from July 2016, when it was 5.5 percent.
Among all states, Mississippi had the highest non-current rate during July 2017: 8.4 percent. After that was Louisiana’s 7.8 percent, followed by New Jersey’s 7.1 percent, New York’s 7.0 percent and Alabama’s 6.4 percent.
The U.S. 30-to-59 day delinquency rate was 2.0 percent, no different that previously reported for June 2017 but lower than 2.3 percent in July 2016.
At 1.9 percent in July 2017, the 90-day rate was no different than a month earlier but much better than 2.5 percent a year earlier.
CoreLogic Chief Executive Officer Frank Martell said in the report that markets impacted by a decline in oil production
have seen deterioration in their rates of serious mortgage delinquency.
Dr. Frank Nothaft, chief economist for CoreLogic, added, “When analyzed across the 100 largest metros, [90-day] rates vary from 0.6 percent in Denver to 4.1 percent in New York.”
No change from June left the U.S. foreclosure inventory rate at 0.7 percent, though that was lower than 0.9 percent the same month in 2016.
“While the U.S. foreclosure rate remains at a 10-year low as of July, the rate across the 100 largest metro areas varies from 0.1 percent in Denver to 2.2 percent in New York,” Nothaft said.