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CoreLogic: First Annual Decrease in U.S. Delinquency Rates

Home Latest News
By RISMedia Staff
July 14, 2021
Reading Time: 2 mins read

CoreLogic® recently released its monthly Loan Performance Insights Report for April 2021, finding that, for the month of April, 4.7% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure). This is a 1.4-percentage point decrease YoY; in April 2020, it was 6.1%. This marks the lowest rate in a year.

The details:

– Early-Stage Delinquencies (30 to 59 days past due): 1%, down from 4.2% in April 2020.

– Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.7% in April 2020.

– Serious Delinquency (90 days or more past due, including loans in foreclosure): 3.3%, up from 1.2% in April 2020.

– Foreclosure Inventory Rate (mortgages in some stage of the foreclosure process): 0.3%, unchanged from April 2020.

– Transition Rate (mortgages that transitioned from current to 30 days past due): 0.6%, down from 3.4% in April 2020.

What it means:

“The sharp rebound in the economy, as well as a potent combination of government fiscal and regulatory help, is fueling unprecedented demand for residential housing and enabling people to buy and stay in their homes,” said Frank Martell, president and CEO of CoreLogic. “The drop in delinquency rates is a further manifestation of the benefits of these tail winds. Barring an unforeseen change, we expect rates to continue to fall and home prices rise over the next 12-to-18 months.”

“Natural hazard events and job loss in the oil and gas industry during the past year continue to affect local delinquency rates, despite a general decline in delinquency rates in many urban areas,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Of all metros, Odessa and Midland, Texas, had the largest one-year jumps in serious delinquency rates, followed by Lake Charles, Louisiana, which was hit hard by Hurricanes Laura and Delta in 2020.”

Tags: CoreLogicDelinquency RatesHousing MarketIndustry Newsreal estate news
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