CoreLogic published their loan performance report. The percentage of domestic mortgage holders who were 6 months or more late on their mortgage payments fell in August 2022 to an all-time low of 2.8%. This compares to the percentage rate of 4.0 back in August 2021. This is a significant decrease in the number of borrowers who were late on their mortgage, which reflects a fall of 1.2% year-over-year.
Back in July 2022, the number of U.S. mortgage borrowers who were 6 months or more late on their payments was 3%. This compared with the late payments reported for July 2021 of 4.2%. This continuing trend of fewer mortgage holders behind in their payments is a positive sign.
CoreLogic reported that the overall highest delinquency rates by state were Mississippi, with a 5.3% delinquency rate, followed by Louisiana, New York, West Virginia and Oklahoma, with 5.1%, 4.2%, 4.1% and 3.9%, respectively.
However, the overall mortgage delinquency rate remains at or near all-time lows, while the number of new mortgages continues to decrease.
In general, the percentages of mortgages late or delinquent continue to trend downward. The number of mortgages 30 to 60 days late or delinquent fell from 18.1% to 15.6% nationally. Also, the number of mortgages that were between 60 to 90 days late fell from 39.7% in 2021 to 36.3% in 2022 nationally.
According to the CoreLogic report, there were no metropolitan areas in which the serious delinquency rate increased. That is a healthy sign. There were also 384 metropolitan areas where mortgages that were seriously delinquent decreased.
In the northeast and southern New York, including New York City and Long Island as well as Northern New Jersey, including Monmouth and Ocean counties, represented seriously delinquent mortgages were under 2% overall.
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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