Foreclosure Rates at Lowest Level Since 2000

During November, 4.1 percent of mortgages were in some stage of delinquency, according to data from CoreLogic. This represents a 1.1 percent decline from the 5.2 percent level from one year earlier.

 

The foreclosure inventory rate in November was 0.4 percent, down 0.2 percent from one year earlier and the lowest level since January 2000. The rate for early-stage delinquencies was two percent, a slight drop from 2.2 percent in November 2017. The share of mortgages that were 60 to 89 days past due was 0.7 percent, down from 0.9 percent in the previous year. And the serious delinquency rate was 1.5 percent, down from two percent one year earlier and down to the lowest level for the month since 2006. November’s rate ties the rates from August, September and October 2018 as the lowest for any month since March 2007, when it was also 1.5 percent.

 

“Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground,” said Frank Nothaft, Chief Economist for CoreLogic. “All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down.”

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