In a consistent pattern, less than 4 percent of mortgages nationwide were past-due in September, according to CoreLogic’s latest Loan Performance Insights Report. Delinquencies fell in the Carolinas, Louisiana, Mississippi and New Jersey, but in other states, remained unchanged.
CoreLogic defines delinquency as 30 days or more past-due. In September, 1.9 percent of loans were 30-59 days past-due; 0.6 percent were 60-90 days past-due; and 1.3 percent were 90 or more days past-due. The foreclosure inventory rate was 0.4 percent.
“The strong labor market in the United States along with continued prudent underwriting practices for mortgage origination have combined to power favorable loan performance over the past few years,” says Frank Martell, president and CEO of CoreLogic. “Unemployment reached a 50-year low in September 2019, which helped push annual delinquency rates downward for the 21st consecutive month, and we expect this trend to continue as we enter into the new year.”
“The decline in delinquency rates in North and South Carolina compared with a year ago reflect the recovery from Hurricanes Florence and Michael, which hit in the autumn of 2018,” says Dr. Frank Nothaft, chief economist at CoreLogic. “Shortly after a natural disaster, we tend to see a spike in delinquency rates. Depending on the extent of devastation, serious delinquency rates generally return to their pre-disaster levels within a year.”
For more information, please visit www.corelogic.com.
