Part 3 National Foreclosure Rates Fall

According to the new CoreLogic report, the nation’s overall delinquency rate fell to 4.1% as of December 2018.

The good news is that no state in the Union posted an increase in its overall or serious delinquency rate. This includes foreclosures, as well.

The 4.1% reported in December 2018 was a 20% reduction from the 5.3% rate reported in December 2017. This represents the lowest percentage for the month of December in 18 years.

The delinquency rate calculated in the CoreLogic loan performance report includes home loans 30 days or more past due and homes in some stage of foreclosure.

According to the report, the worst month ever reported since the statistics began being compiled was December 2009, which reported an 11.6% share of homes in some state of distress or delinquency. Since March of 2018, this delinquency rate has been falling.

In the category of serious delinquency rate, which is defined as 90 days or more past due, including loans and foreclosure, this came in at 1.5% in December 2018. This is down from the 2.1% reported in January 2017.

The Foreclosure Inventory Rate, which translates into the share of mortgages in some stage of foreclosure process, was 0.4% in December 2018, which is down from 0.6% from December 2017.

In the category of mortgages between 30 and 59 days past due, considered to be early stage delinquencies, the rate was 2% in December 2018, which is down from 2.4% in December 2017.

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.

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