Delinquency Rates Continue To Drop
October 10, 2017
The national rate for serious delinquency on home loans continued to decline dramatically, according to new data from CoreLogic.
In an analysis of housing statistics from July, CoreLogic determined that 4.6 percent of mortgages were in some stage of delinquency, a 0.9 percent drop from July 2016. The foreclosure inventory rate in July was 0.7 percent, down from 0.9 percent in July 2016 and the lowest since the 0.7 percent mark reached in July 2007.
The national rate for early-stage delinquencies—covering mortgages that are between 30 and 59 days past due—was two percent in July 2017, down slightly from 2.3 percent in July 2016, while the share of mortgages that were 60 to 89 days past due was 0.7 percent, unchanged from a year earlier. The serious delinquency rate—covering loans that are 90 days or more past due—was 1.9 percent, down from 2.5 percent one year earlier, and not far from the 10-year low of 1.7 percent reached in July 2007. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate.
"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," said Frank Nothaft, chief economist for CoreLogic. "Likewise, the national serious delinquency rate remains at 1.9 percent, unchanged from June, and when analyzed across the 100 largest metros, rates vary from 0.6 percent in Denver to 4.1 percent in New York."
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