from CoreLogic
— this post authored by Molly Boesel
In March 2017, 4.4 percent of home mortgages were in some stage of delinquency, down from 5.2 percent a year earlier and the lowest since March 2007, according to the latest CoreLogic Loan Performance Insights Report.
The measure includes all home loans 30 days or more past due, including those in foreclosure.
The share of mortgages that were 30 to 59 days past due – considered “early-stage” delinquencies – was 1.7 percent in March 2017, down from 1.9 percent in March 2016. This is the lowest share of mortgages in early-stage delinquency back to January 2000. The share of mortgages 60 to 89 days past due was 0.6 percent in March 2017, the same as in March 2016.
In addition to delinquency rates, CoreLogic tracks the rate at which mortgages transition from one stage of delinquency to the next, such as going from being current to 30 days past due. Figure 1 shows that the current- to 30-day transition rate remained low in March. The March 2017 current- to 30-day rate was 0.6 percent, down slightly from 0.7 percent in March 2016. The 30- to 60-day transition rate was 11.6 percent in March 2017, down from 13.2 percent in March 2016, while the 60- to 90-day transition rate was 20.8 percent this March, down from 23.1 percent a year earlier.
Figure 2 shows the states with the highest and lowest rate of mortgages in some stage of delinquency. In March 2017 that rate was highest in Mississippi – 7.8 percent – and North Dakota had the lowest rate at 1.9 percent. Figure 3 shows the 30-days-or-more past-due rate for the 10 largest metro areas [1]. That rate was highest – 6.9 percent – in the New York metro area and lowest – 1.7 percent – in San Francisco.
Footnote
1 Metro areas used in this report are the ten most populous Core Based Statistical Areas.
© 2017 CoreLogic, Inc. All rights reserved.
Source
http://www.corelogic.com/blog/authors/molly-boesel/2017/06/loan-performance-insights-report-highlights-march-2017.aspx
