CoreLogic: Mortgage Delinquencies Continued to Hold at All-Time Lows in October

0

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.”

Subscribe
Notify of
guest
0 Comments
newest
oldest most voted
Inline Feedbacks
View all comments