In November, delinquencies fell to 3.9 percent of mortgages nationwide, according to CoreLogic’s latest Loan Performance Insights Report.
CoreLogic defines delinquency as 30 days or more past-due. In November, 2 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.
“Overall delinquency rates remain at 20-year lows spurred on by tight underwriting standards following the onset of the Great Recession, a robust and accelerating economic cycle over the past five years and the increasing underlying health of the housing economy,” Frank Martell, president and CEO of CoreLogic, says.
“Natural disasters often cause spikes in mortgage delinquencies that gradually recede,” Dr. Frank Nothaft, chief economist at CoreLogic, says. “The CoreLogic 2019 Natural Hazard Report revealed that delinquency rates in Panama City, Fla., nearly tripled in the immediate aftermath of Hurricane Michael in October 2018, but fell back to trend levels by late 2019.”
“In the Southeast, the 2018 hurricane season left higher overall delinquency rates in its wake, but the region is finally on the mend,” Martell says. “In the Midwest, we see a somewhat different picture. Of the 50 metro areas that experienced increases in overall delinquency rates in November, nearly half were in the Midwest.
“Still, as mortgage rates reach a three-year low, we could expect to see stabilization across markets heading into 2020,” Martell says.
The annual delinquency increases in November were in Pine Bluff, Ark. (+1.4 percentage points); Enid, Okla. (+0.9 percentage points); Dalton, Ga. (+0.6 percentage points); and Dubuque, Iowa (+0.5 percent), according to the report.
For more information, please visit www.corelogic.com.