CoreLogic: Mortgage Delinquency Rate Fell Nearly 2 Percentage Points In April – NMP Skip to main content

CoreLogic: Mortgage Delinquency Rate Fell Nearly 2 Percentage Points In April

Jul 12, 2022
CoreLogic
Staff Writer

The Mortgage Delinquency Rate dropped in April for the 13th straight month.

KEY TAKEAWAYS
  • All states and metro areas posted annual declines in their overall delinquency rates for the month of April.
  • Delinquency and foreclosure numbers remained the same from March 2022 and last April, with both rising slightly from late 2021.

CoreLogic’s April 2022 Loan Performance Insights Report, released Tuesday, found 2.9% of all mortgages in the U.S. were in some stage of delinquency, meaning 30 days or more past due, including those in foreclosure. 

This number represents a 1.8 percentage point decrease compared to 4.7% in April of last year. All states and metro areas posted annual declines in their overall delinquency rates for the month of April.

Early-Stage Delinquencies, categorized as 30 to 59 days past due, were 1.2%. Year over year, this slightly bumped up from 1% last April. 

Adverse Delinquency, categorized as 60 to 89 days past due, remained unchanged from April 2021 at 0.3%. Foreclosure Inventory rates also remained the same year over year at 0.3%. 

Serious Delinquency, which is 90 days or more past due, including loans in foreclosure, was at 1.4%, a large dip from 3.3% in April 2021 and August 2020’s high of 4.3%. 

Double-digit annual home-price gains for more than the past year resulted in increasing equity gains in the first quarter, helping keep U.S. overall mortgage delinquency and foreclosure rates near an all-time low in April, the report said. Although delinquency and foreclosure numbers remained the same from March 2022 and last April, both rose slightly from late 2021.

“The U.S. foreclosure rate edged up in spring 2022 after hitting a historic low at the end of 2021,” said Molly Boesel, principal economist at CoreLogic. “Moratoria and forbearance that helped keep homeowners out of foreclosure are expiring for many borrowers, but ongoing strong employment numbers and large amounts of equity should keep foreclosure rates low moving forward.”

About the author
Staff Writer
Sarah Wolak is a staff writer at NMP.
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