Serious Delinquency and Foreclosure Rates at 12-Year Lows
December 11, 2018
During September, 4.4 percent of mortgages were in some stage of delinquency, according to new data from CoreLogic. This represents a 0.6 percent drop from one year earlier.
The foreclosure inventory rate in September was 0.5 percent, down 0.1 percent from the previous year. September’s rate tied with the April, May, June, July and August rates from this year as the lowest since September 2006, when it was also 0.5 percent.
Also during September, the rate for early-stage delinquencies was 2.2 percent, compared to 2.4 percent in September 2017, while the 0.7 percent share of mortgages that were 60 to 89 days past due was unchanged from one year earlier. The serious delinquency rate was 1.5 percent, down from 1.9 percent in September 2017—and it was also the lowest level for the serious delinquency rate since it was also 1.5 percent in March 2007.
“Outside of areas affected by natural disasters, serious delinquency and foreclosure rates have declined steadily across the nation as the labor market has improved and home prices have risen,” said Frank Martell, President and Chief Executive Officer of CoreLogic. “However, we have also seen a rise in high loan-to-value and high debt-to-income lending in our CoreLogic TrueStandings data, heightening the risk of a significant upturn in loan default if the economy slips into recession or home prices decline.”
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