In May, delinquencies held at 3.6 percent of mortgages nationwide, down from 4.2 percent the prior year, according to CoreLogic’s Loan Performance Insights Report, recently released.
“Growth in family income and home prices continues to support low delinquency rates,” says Dr. Frank Nothaft, chief economist at CoreLogic.
CoreLogic defines delinquency as 30 days or more past due. In May, 1.7 percent of loans moved to 30 – 59 days past due; 0.6 percent moved to 60 – 89 days past due; and 1.3 percent moved to 90 or more days past due. The foreclosure inventory rate was 0.4 percent—a 20-year low.
Delinquencies in disaster-hit regions rose, CoreLogic’s report shows.
“While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather,” says Frank Martell, president and CEO of CoreLogic. “Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country.”
“Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters,” Nothaft says. “Last year’s hurricanes and wildfires, and this spring’s severe flooding from heavy rainstorms and snowmelt, have pushed delinquency rates higher in these impacted communities.”
For more information, please visit www.corelogic.com.