At the close of 2019, delinquencies dipped to 3.7 percent of mortgages nationwide, according to CoreLogic’s December Loan Performance Insights Report, recently released.
“The mortgage market had another solid year in 2019, and loan performance across the country continues to show improvement,” says Frank Martell, president and CEO of CoreLogic. “The longest economic expansion in history helped serious delinquency rates reach a 20-year low. As mortgage rates continue to fall in the wake of recent global events, we may see homeowners refinance into lower-monthly payments, or into shorter-term mortgages, which can further reduce delinquency and foreclosure risk.”
CoreLogic defines delinquency as 30 days or more past-due. In December, 1.8 percent of loans were 30-59 days past-due; 0.6 percent were 60-90 days past-due; and 1.2 percent were 90 or more days past-due—the lowest since summer 2000. Meanwhile, the foreclosure inventory rate remained steady, at 0.4 percent.
Despite the national trend, 13 markets recorded upticks. In December, delinquencies inched up in Janesville-Beloit, Wis. (+1.9 percentage points), Enid, Okla. (+0.6 percentage points) and Pine Bluff, Ark. (+0.6 percentage points), according to the report.
For more information, please visit www.corelogic.com.
