According to the latest CoreLogic Loan Performance Insights Report, 4.5% of mortgages nationwide in May were in some stage of delinquency (30 days or more past due including those in foreclosure). This represents a 0.8 percentage point decline in the overall delinquency rate compared with May 2016 when it was 5.3%. In addition, May’s foreclosure inventory rate (measuring the share of mortgages in some stage of the foreclosure process) was 0.7% compared with 1% in May 2016.
Those properties in serious delinquency (defined as 90 days or more past due including loans in foreclosure) was 2%, unchanged from April and down from 2.6% in one year ago. However, The 2% serious delinquency rate in April and May of this year was the lowest since November 2007. The rate for early-stage delinquencies (30-59 days past due) was 1.9% in May 2017, down from 2% one year ago. The share of mortgages that were 60-89 days past due in May 2017 was 0.63%, down slightly from May 2016.
“Strong employment growth and home price increases have contributed to improved mortgage performance,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Early-stage delinquencies are hovering around 17-year lows, and the current-to-30-day past due transition rate remained low at 0.8 percent. However, the same positive economic conditions helping performance have also contributed to a lack of affordable supply, creating challenges for homebuyers.”
Click here to read the full report on CoreLogic.com.
