Mortgage Delinquency Rate Fell 0.2% YOY in September
Irvine, CA, December 12, 2017--CoreLogic released its monthly Loan Performance Insights Report, which shows that, nationally, 5% of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in September 2017.
This represents a 0.2 percentage point year-over-year decline in the overall delinquency rate compared with September 2016 when it was 5.2%.
As of September 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6%, down from 0.8% in September 2016. Both August and September of this year experienced the lowest foreclosure inventory rate since June 2007 when it was also 0.6%, and the September foreclosure inventory rate was the lowest for the month of September in 11 years when it was 0.5% in September 2006.
The rate for early-stage delinquencies, defined as 30 to 59 days past due, was 2.4% in September 2017, up 0.3 percentage points from 2.1% in September 2016. The share of mortgages that were 60 to 89 days past due in September 2017 was 0.7%, unchanged from September 2016. The serious delinquency rate, those that are 90 days or more past due, declined 0.4 percentage points year over year from 2.3% in September 2016 to 1.9% in September 2017. The 1.9% serious delinquency rate in June, July, August and September of this year marks the lowest level for any month since October 2007 when it was also 1.9%, and is also the lowest for the month of September since 2007 when the serious delinquency rate was 1.8%.