RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Annual Mortgage Delinquency Rate Falls for 19th Straight Month in October

Home Agents
By RISMedia Staff
January 3, 2023
Reading Time: 2 mins read
Annual Mortgage Delinquency Rate Falls for 19th Straight Month in October

For the month of October, 2.8% of all mortgages in the U.S. were in some stage of delinquency, representing a 1 percentage point decrease compared to 3.8% last year, according to a new report from CoreLogic.

According to CoreLogic’s monthly Loan Performance Insights Report, in October 2022, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:

  • Early-stage delinquencies (30 to 59 days past due): 1.3%, up from 1.2% in October 2021.
  • Adverse delinquency (60 to 89 days past due): 0.4%, up from 0.3% in October 2021.
  • Serious delinquency (90 days or more past due, including loans in foreclosure): 1.2%, down from 2.2% in October 2021 and a high of 4.3% in August 2020.
  • Foreclosure inventory rate (the share of mortgages in some stage of the foreclosure process): 0.3%, up from 0.2% in October 2021.
  • Transition rate (the share of mortgages that transitioned from current to 30 days past due): 0.7%, unchanged from October 2021.

State and metro findings:

  • All states posted annual declines in overall delinquency rates. The states with the largest declines were Louisiana (down 2.8 percentage points) and New York and New Jersey (both down 1.6 percentage points). The remaining states, including the District of Columbia, registered annual delinquency rate drops between 1.5 percentage points and 0.2 percentage points.
  • Six metro areas posted an increase in overall delinquency rates. Mortgage delinquencies rose from October 2021 in Punta Gorda, Florida (up 1.9 percentage points); Cape Coral-Fort Myers, Florida (up 1.8 percentage points); Iowa City, Iowa (up 0.4 percentage points); Cedar Rapids, Iowa and Lima, Ohio (both up 0.2 percentage points) and Decatur, Illinois (up 0.1 percentage points).
  • All metro areas posted at least a small annual decrease in serious delinquency rates, with Odessa, Texas (down 3.7 percentage points) and Midland, Texas and Laredo, Texas (both down 2.6 percentage points) posting the largest decreases.

Major takeaway:

CoreLogic stated that the number of borrowers who were at least 30 days late on their mortgage payments remained at 2.8% for the third straight month in October, still near the lowest delinquency rate seen in more than two decades. The foreclosure rate also hovered near a record low, holding at 0.3% for the eighth consecutive month.

While all states saw at least small year-over-year declines in overall mortgage delinquency rates, CoreLogic stated that six metro areas posted annual upticks. These include two metros on Florida’s Gulf Coast, close to where Hurricane Ian made landfall in late September, causing an estimated $28 billion to $47 billion in property damage throughout the state.

“The share of loans in early-stage delinquency increased slightly in October, led by Florida, which began to see the effects of Hurricane Ian,” said Molly Boesel, principal economist at CoreLogic. “The Punta Gorda and Cape Coral metro areas on Florida’s Gulf Coast saw early-stage mortgage delinquencies triple. If past storm impacts are an accurate barometer, delinquencies in these metros should decrease between the next six to 12 months.”

For the full report, click here.

Tags: CoreLogicHousing Markethousing recessionLoan Performance Insights ReportMLSNewsFeedMortgage DelinquenciesMortgages
ShareTweetShare

RISMedia Staff

Related Posts

Mortgage Mix: Mortgage Rates Edge Lower in the Wake of Banking Turmoil
Agents

Mortgage Mix: Mortgage Rates Edge Lower in the Wake of Banking Turmoil

March 24, 2023
Second Century Ventures Announces Early Acceptances for 2023 REACH U.S. Programs
Agents

Second Century Ventures Announces Early Acceptances for 2023 REACH U.S. Programs

March 24, 2023
NextHome Forms Relationship with Realtor.com
Agents

NextHome Forms Relationship with Realtor.com

March 24, 2023
Evocalize and Side Announce Partnership
Agents

Evocalize and Side Announce Partnership

March 24, 2023
Bank Crashes Add New Uncertainty for Commercial Sector, Apartments
Agents

Bank Crashes Add New Uncertainty for Commercial Sector, Apartments

March 24, 2023
Fathom: Weak Q4 but Strong YoY Revenue, Agent and Transaction Growth
Agents

Fathom: Weak Q4 but Strong YoY Revenue, Agent and Transaction Growth

March 24, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

4 Ways to Leverage Augmented Reality to Improve the Homebuying Experience

From improving the showing experience to helping clients visualize what their new home could look like, here are a few ways that augmented reality could help you improve your client's search for their perfect home. Read more.

Business Tip of the Day provided by

Recent Posts

  • Mortgage Mix: Mortgage Rates Edge Lower in the Wake of Banking Turmoil
  • Second Century Ventures Announces Early Acceptances for 2023 REACH U.S. Programs
  • NextHome Forms Relationship with Realtor.com

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

x
X