The U.S. mortgage delinquency rate continued to hold at near-record lows in November, with 2.9% of all mortgages in some stage of delinquency (30 days or more past due, including those in foreclosure), according to CoreLogic’s Loan Performance Insights Report.
That’s a 0.7 percentage point decrease compared to 3.6% in November 2021.
The strong labor market combined with homeowners gaining strong equity positions means loan performance is currently insulated from the impacts of a mild recession.
“Most homeowners are well positioned to weather a shallow recession,” says Molly Boesel, principal economist at CoreLogic, in the report. “More than a decade of home price increases has given homeowners record amounts of equity, which protects them from foreclosure should they fall behind on their mortgage payments.”
Early-stage delinquencies (30 to 59 days past due) represented 1.4% of all loans, up from 1.2% in November 2021.
Loans 60 to 89 days past due represented 0.4% of all loans, up from 0.3% in November 2021.
Serious delinquencies (90 days or more past due, including loans in foreclosure) represented 1.2% of all loans, down from 2% a year earlier and down from a high of 4.3% in August 2020.
The foreclosure inventory rate stood at 0.3%, up from 0.2% in November 2021.
The foreclosure rate remained near a record low of 0.3%.
