Dec. Mortgage Delinquencies Fall to 20-Year Low
CHICAGO – A new report from CoreLogic finds that 3.7% of mortgages nationally were in some stage of delinquency in December 2019, down from 4.1% in December 2018.
It’s the lowest foreclosure level in more than 20 years.
Broken down by components, the foreclosure inventory rate held steady at 0.4%; the early-stage delinquency rate (30 to 59 days past due) fell from 2% to 1.8% over the same period; and the share of mortgages 60 to 89 days past due dropped from 0.7% to 0.6%.
Meanwhile, the serious delinquency rate (90 days or more past due, including loans in foreclosure) slipped from 1.5% to 1.2%, marking the lowest rate since June 2000.
CoreLogic reported that the share of mortgages that transitioned from current to 30 days past due was 0.8% in December, down from 0.9% year-over-year, with no U.S. state recording a year-over-year increase in their December overall delinquency rate.
The largest annual decreases were posted in North Carolina and Mississippi (both down 0.8 percentage points). However, 13 metro areas saw small annual increases in overall delinquency rates, and 16 posted small annual increases in serious delinquency rates.
Source: Builder (03/10/20)
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