CoreLogic Analysis Shows US Mortgage Loan Performance Health Continues to Strengthen
The Delinquency Rate Decreased 0.5% Points Year Over Year
The Foreclosure Rate for February Was 0.8%
Early-Stage Delinquencies Remained Steady in February
CoreLogic® announced its monthly Loan Performance Insights Report which shows that, nationally, 5% of mortgages were delinquent by 30 days or more (including those in foreclosure) in February 2017. This represents a 0.5% point decline in the overall delinquency rate compared with February 2016 when it was 5.5 %.
Overall, the national-level delinquency rates declined for the month of February on a year-to-year basis.
As of February 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8% compared with 1.1% in February 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.2% in February 2017, down from 2.8% in February 2016.
Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.
The serious delinquency rate remained elevated in many mid-Atlantic and northeast states, led by New York and New Jersey with New Jersey reporting 8% of mortgages 30 days or more delinquent rate for February and New York reporting 7.7% of mortgages 30 days or more delinquent rate for February.