Mortgage Delinquencies Continue to Fall

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According to the latest The CoreLogic Loan Performance Insights Report the serious delinquency rate for September 2018 fell to 1.5%, representing a 0.4 percentage point decline compared with September, 2017. CoreLogic says declining unemployment rates and rising home prices were partly responsible for this decline.  The serious delinquency rates for Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), and conventional loans were 3.7, 1.9 and 1.1 percent, respectively.  The serious delinquency rate dropped significantly for all loan types in September 2018 compared with September, 2017, representing an 11-year low.

“A closer look reveals that today’s delinquency rates are influenced by older loans. The bulk of conventional loans that were seriously delinquent were originated between 2003 and 2009…About 67 percent of the conventional loans that were seriously delinquent in September 2018 were originated between 2003 and 2009 compared to just 23 percent of seriously delinquent conventional loans originated between 2010 and 2018.”

Click here to read the full report at CoreLogic.com.

 

 

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Director of Education & Outreach, National Real Estate Investors Association

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