U.S. mortgage performance was again exceptionally solid in October, with overall delinquency, serious delinquency and foreclosure rates all continuing to hold near or at all-time lows, according to CoreLogic’s Loan Performance Insights Report.
Roughly 2.8% of all mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), unchanged compared with September and unchanged compared with October 2022.
Early-stage delinquencies (30 to 59 days past due) represented 1.4% of all loans, up from 1.3% in October 2022.
Loans 60 to 89 days past due represented 0.4% of all loans, unchanged compared with October 2022.
Serious delinquencies (90 days or more past due, including loans in foreclosure) represented 0.9% of all loans, down from 1.2% in October 2022 and a high of 4.3% in August 2020.
The overall U.S. mortgage delinquency rate has held at less than 3% since February, CoreLogic notes.
Nine states saw overall mortgage delinquencies increase year-over-year in October, ranging from 0.5 percentage points to 0.1 percentage points.
The foreclosure inventory rate – the share of mortgages in some stage of the foreclosure process – was 0.3%, unchanged compared with October 2022.
“U.S. mortgage delinquency rates remained healthy in October, with the overall delinquency rate unchanged from a year earlier and the serious delinquency rate remaining at a historic low,” says Molly Boesel, principal economist for CoreLogic, in the report. “Most of the decline in the serious delinquency rate stems from a decrease in later-stage delinquencies. Importantly, there was no increase in the foreclosure rate, indicating that borrowers in later stages of delinquencies are finding alternatives to defaulting on their home loans.”
