A new report by CoreLogic shows that the current mortgage loan performance continues to improve. CoreLogic said that 5% of U.S. home loans in February 2017 were delinquent by 30 days or more (including those in foreclosure) which represents a decrease of 0.5 percentage points in the overall delinquency rate compared with February 2016 when it was 5.5%.
The foreclosure inventory rate which measures home loans at some stage of the foreclosure process, was 0.8% compared with 1.1% in February 2016.
Mortgages in serious delinquency that were 90 days or more past due including loans in foreclosure, was 2.2% in February 2017, a decrease of 2.8% from the same time last year.
Home loans that were in early-stage delinquency, defined as 30-59 days past due, were on the rise at 2.14% compared with 2.08 percent in February 2016, an increase of 0.06% year over year. The share of mortgages that were 60-89 days past due in February 2017 was 0.7%, unchanged from a year earlier.
“Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Moreover, the past-due share dropped to 5 percent, the lowest since September 2007. However, current-to-30-day past-due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held mostly steady, recording only a 0.06 percent increase.”
“While national-level delinquency rates declined, the serious delinquency rate remained elevated in many mid-Atlantic and northeast states led by New York and New Jersey,” said Frank Martell, president and CEO of CoreLogic. “February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market.”