Skip to main content

Delinquency and Foreclosure Rates Continue to Drop

Phil Hall
Oct 08, 2019
Photo credit: Getty Images/tntemerson

New data from CoreLogic has determined 3.8 percent of mortgages were in some stage of delinquency in July, down 0.3 percent from one year earlier, while foreclosure inventory rate was 0.4 percent, down 0.1 percentage point from July 2018. The July foreclosure inventory rate tied the prior eight months as the lowest for any month since at least January 1999, while the nation's overall delinquency remains near the lowest level since at least 1999.
 
The rate for early-stage delinquencies was 1.8 percent in July 2019, down 0.1 percent from the previous year, while the share of mortgages 60 to 89 days past remained unchanged year-over-year at 0.6 percent. The serious delinquency rate of 1.3 percent was down from 1.6 percent one year ago and was the lowest for the month of July since 2005 when it was also 1.3 percent. The serious delinquency rate also tied the April, May and June 2019 rates as the lowest for any month since it was also 1.3 percent in August 2005.
 
However, four states posted small annual increases in overall delinquency rates in July: Vermont (0.5 percentage points), New Hampshire (0.2 percentage points), Iowa (0.1 percentage points) and Minnesota (0.1 percentage points).
 
“Homeowners have seen a big rise in home equity, which lowers foreclosure risk because owners have more ‘skin in the game,’” said Frank Nothaft, chief economist at CoreLogic. “Our latest Home Equity report found that between the first quarter of 2011 and the second quarter of 2019, average equity per borrower increased from $75,000 to $176,000 and rose $5,000 in the past year alone.”

 
Published
Oct 08, 2019
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021