Mortgage Delinquency and Foreclosure Rates Continue to Plummet
August 14, 2018
The serious delinquency rate hit an 11-year low and the foreclosure inventory is at a 12-year low, according to new data from CoreLogic.
During May, 4.2 percent of mortgages were in some stage of delinquency, down slightly from 4.5 percent one year earlier. The serious delinquency rate—defined as 90 days or more past due, including loans in foreclosure—was 1.8 percent, down from two percent in May 2017 and down to its lowest level since May 2007 when it was 1.6 percent. The rate for early-stage delinquencies—defined as 30 to 59 days past due—was 1.8 percent, down from 1.9 in May 2017, while the 0.6 percent of mortgages that were 60 to 89 days past due was unchanged from the previous year.
During May, the foreclosure inventory rate was 0.5 percent, compared to 0.7 percent in May 2017. However, the foreclosure inventory rate was at its lowest depth since September 2006, when it was also 0.5 percent.
"Serious delinquency rates continue to remain lower than a year earlier except in Florida and Texas, the hardest-hit states during last year's hurricane season," said Frank Martell, President and CEO of CoreLogic. "We have observed continued challenges for families to make mortgage payments in regions impacted during the 2017 Hurricane season. For the coming months, we will monitor mortgage and housing trends in areas now plagued by wildfires, particularly in California, Montana, and Arizona."
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