Skip to main content

Early-Stage Mortgage Delinquencies Drop

Feb 13, 2018
Buyers' monthly housing costs are growing rapidly as mortgage rates have risen significantly since the beginning of the year

Residential property delinquencies showed signs of despite the lingering impact of Hurricanes Harvey and Irma, according to new data from CoreLogic.
 
During November, CoreLogic determined that 5.1 percent of mortgages were in some stage of delinquency, down by a scant 0.1 percent from one year earlier. As of November, the foreclosure inventory rate was 0.6 percent, down 0.2 percent from one year earlier. This past November's foreclosure inventory rate was the lowest for the month since the 0.6 percent level in November 2006.
 
The rate for early-stage delinquencies—defined as 30-59 days past due—was 2.2 percent in November, down 0.1 percentage points from 2.3 percent in October and unchanged from 2.2 percent in November 2016. The share of mortgages that were 60-89 days past due in November was 0.9 percent, unchanged from the previous month and up 0.7 percent from the previous year. The serious delinquency rate was 2 percent in November, up slightly from 1.9 percent in October and down from 2.3 percent in November 2016. The serious delinquency rate had held steady for five consecutive months in 2017 at 1.9 percent and was the lowest level for any month since October 2007 when it was also 1.9 percent.
 
“The effects of Hurricanes Harvey, Irma and Maria appear clearly in our mortgage delinquency report,” said Frank Nothaft, chief economist for CoreLogic. “Serious delinquency rates are up sharply in Texas and Florida compared with a year ago, while lower in all other states except Alaska. In Puerto Rico, the serious delinquency rate jumped to 6.3 percent in November, up 2.7 percentage points compared with a year before. In the Miami metropolitan area, serious delinquency was up more than one-third from one year earlier to 5.1 percent, and it more than doubled to 4.6 percent in the Houston area.”
Residential property delinquencies showed signs of despite the lingering impact of Hurricanes Harvey and Irma, according to new data from CoreLogic

 
 
 
About the author
Published
Feb 13, 2018
FHA To Lay Off 40% Of Workforce

Mass terminations across the federal government expected to hit federal mortgage insurer

Feb 18, 2025
Mass Firings At CFPB Imminent, Filing Says

Unions representing CFPB employees said 95% of the Bureau's workforce could be cut by the weekend

Feb 14, 2025
Realty Fees On The Rebound

Real estate commissions are trending back up, post-NAR settlement.

Feb 13, 2025
Wire Fraud Losses Are Mounting

First-time homebuyers are especially at risk for wire fraud, report finds.

Feb 13, 2025
HUD Secretary Halts Equal Access Rule Enforcement

HUD to be transformed 'in His own image'

Feb 10, 2025
Rocket's All-American Return To The Super Bowl

The company spends millions to remind Americans of "the meaning of home."

Feb 10, 2025