In October, delinquencies dropped to 3.7 percent of mortgages nationwide, according to CoreLogic’s latest Loan Performance Insights Report.
CoreLogic defines delinquency as 30 days or more past-due. In October, 1.8 percent of loans were 30-59 days past-due; 0.6 percent were 60-90 days past-due; and 1.3 percent were 90 or more days past-due. The foreclosure inventory rate was 0.4 percent.
“Home-price growth builds homeowner equity and reduces the likelihood of a loan entering foreclosure,” explains Dr. Frank Nothaft, chief economist at CoreLogic. “The national CoreLogic Home Price Index recorded a 3.3 percent annual rise in values through October 2019, and price growth was the primary driver of the $5,300 average gain in equity reported in the latest CoreLogic Home Equity Report.”
“National foreclosure and serious delinquency rates have remained fixed at record lows for at least the last six months,” says Frank Martell, president and CEO of CoreLogic. “However, as markets can be much more volatile at the metro level, both late-stage delinquencies and foreclosures have continued to increase at this level in the Midwest and Southern regions of the country.”
For more information, please visit www.corelogic.com.