According to the latest CoreLogic Loan Performance Insights Report, in November 2022, 2.9% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This figure represents a 0.7-percentage point decrease in the overall delinquency rate compared with November 2021. In addition, CoreLogic says while national mortgage delinquencies declined for the 20th straight month on an annual basis, 18 U.S. metro areas saw at least slight increases in late borrower payments, up from six in October and one in September. They say that despite this uptick and slowing home price growth in recent months, most owners are in good shape due to healthy amounts of equity.
“Most homeowners are well positioned to weather a shallow recession. More than a decade of home price increases has given homeowners record amounts of equity, which protects them from foreclosure should they fall behind on their mortgage payments.” -Molly Boesel, Principal Economist for CoreLogic