Mortgage Delinquency Rate Fell to 4.1% in November
Irvine, CA, February 12, 2018-In November 2018, 4.1% of home mortgages were in some stage of delinquency, down from 5.2% a year earlier and the lowest for the month of November in at least 18 years, according to the latest CoreLogic Loan Performance Insights Report.
The measure, also known as the overall delinquency rate, includes all home loans 30 days or more past due, including those in foreclosure. For the month of November, the share of delinquent mortgages was highest in November 2009, at 11.5%. The share of delinquent mortgages fell below the level from the pre-crisis period (an average of 4.7% from 2000 to 2006) starting in March 2018.
The serious delinquency rate was 1.5% in November 2018, down from 2% in November 2017. The serious delinquency rate has stood at 1.5% since August 2018 and is now back to the average of the pre-crisis level of 1.5%.
The foreclosure inventory rate was 0.4% in November 2018, down from 0.6% a year earlier. The foreclosure rate is the lowest in at least 18 years and is below the average pre-crisis level of 0.6%.
The share of mortgages that were 30 to 59 days past due was 2% in November 2018, down from 2.2% in November 2017. The share of mortgages 60 to 89 days past due was 0.7% in November 2018, down from 0.9% in November 2017.