Back in 2005 the share of subprime mortgages that were seriously delinquent increase from about 5.6% to 21% by July 2008. That’s the kind of seismic economic disruption that reshapes a nation and an economy. This past May 2022, there were only 2.7 percent of mortgages that were seriously delinquent by over 30 days. This represents a 2% decrease in the overall delinquency rate as compared with May 2021.
This economy reflects a resilience in the value that has taken place more so than by any other generation. The overall mortgage delinquency rate within the domestic United States declined for the 14th consecutive month hitting its lowest level recorded since January 1999.
One of the positive side effects of this massive appreciation of real estate has been big equity accumulation that has helped to keep foreclosure rates as low as they are.
The share of mortgages that were 60 to 90 days past due was 0.3% which is an unchanged percentage from May 2021. In May 2022, every state reported a year over year decline in the overall delinquency rate. Those states with the largest declines were Nevada, New York, New Jersey, and Hawaii, all of which fell 3.1 percentage points.
There were no metropolitan areas where the serious delinquency rate increase and there were 384 metropolitan areas where the serious delinquency rate decreased.
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.