Mortgage Professional America - Steve Randall - 10 May 2017
Figures for February show that 5% of mortgages nationwide were delinquent by 30 days of more, down half a percentage point from a year earlier.
CoreLogic’s Loan Performance Insights Report reveals that there was also a decrease in the proportion of homes with a mortgage in the foreclosure process (to 0.8% from 1.1% in February 2016). The percentage in serious delinquency (90 days or more) fell to 2.2% from 2.8% a year earlier.
“Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Moreover, the past-due share dropped to 5%, the lowest since September 2007. However, current-to-30-day past-due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held mostly steady, recording only a 0.06 percent increase.”
Regionally, there are still some areas causing concern. The serious delinquency rate is elevated in many mid-Atlantic and Northeast states with New York and New Jersey leading.
“February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market,” said Frank Martell, CoreLogic president and CEO.
The share of mortgages that transitioned from current to 30-days-past-due was up to 1% in February from 0.8% a year earlier.