The U.S. mortgage delinquency rate (loans 30 days or more past due and including foreclosures) fell to 2.8% in October, down from 3.8% in October 2021, according to CoreLogic’s Loan Performance Insights Report.
Early-stage delinquencies (30 to 59 days past due) represented 1.3% of al loans, up from 1.2% in October 2021.
Mortgages 60 to 89 days past due represented 0.4%, up from 0.3% in October 2021.
Serious delinquencies (90 days or more past due, including loans in foreclosure) represented 1.2% of all loans, down from 2.2% in October 2021 and a high of 4.3% in August 2020.
The foreclosure inventory rate – the share of mortgages in some stage of the foreclosure process – stood at 0.3%, up from 0.2% a year earlier.
The foreclosure rate also hovered near a record low, holding at 0.3% for the eighth consecutive month.
“The share of loans in early-stage delinquency increased slightly in October, led by Florida, which began to see the effects of Hurricane Ian,” says Molly Boesel, principal economist at CoreLogic, in a statement. “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.”
Photo: Aron Visuals
