According to the most recent CoreLogic Loan Performance Insights Report, for March 2017, nationally, only 4.4% of mortgages were in some stage of delinquency.
The 4.4% figure represented an improvement of 0.8% of a point in the overall delinquency rate as compared to the March 2016 rate of 5.2%.
The serious delinquency rate was 2.1%, which is down from 2.7% in March 2016.
Early-stage delinquencies fell to 1.7% in March 2017, down from 1.9% in March 2016.
This represents the lowest delinquency rate level since January 2000.
The share of mortgages that were 60-89 days past due in March 2017 was 0.59%, which is down slightly from 0.63% in March 2016.
The improvements are attributed to:
The beneficial impact of stringent post-crisis underwriting standards
Better fundamentals
Higher employment
The increase in household formation
Home price gains
Frank Martell, president and CEO of CoreLogic, stated, “Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets.”
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.