Foreclosure Rate at 12-Year Low

Oct 09, 2018

A total of 4.1 percent of mortgages were in some stage of delinquency in July, down 0.6 percent from one year earlier, according to new data from CoreLogic. The foreclosure inventory rate in July was 0.5 percent, down 0.2 percent from the previous year and the lowest rate recorded for a July since 2006. The July foreclosure inventory rate remained unchanged from the rates recorded in April, May and June.

The rate for early-stage delinquencies was 1.9 percent in, down from 2.1 percent in July 2017, while the share of mortgages that were 60 to 89 days past due was 0.6 percent, down from 0.7 percent from the previous year. The serious delinquency rate came in at 1.6 percent, down from 1.9 percent in July 2017 and the lowest for July since 2006 when it was 1.4 percent; July’s rate was also the lowest for any month since June 2007 when it was also 1.6 percent.

"With the national unemployment rate remaining below 4 percent since July, further declines in U.S. delinquency rates are likely in coming months," said Frank Nothaft, Chief Economist for CoreLogic. "The exception will be in local areas impacted by natural hazards or a rise in unemployment. The destruction of homes and disruption to local commerce caused by natural disasters lead to a subsequent spike in local delinquency rates, even for homes that were untouched."

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Phil Hall

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Oct 09, 2018

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