The U.S. mortgage delinquency rate was flat in December compared with November, at 3.1%, according to CoreLogic.
Early-stage delinquencies (30 to 59 days past due) represented 1.6% of all loans, unchanged compared with December 2023.
Loans 60 to 89 days past due represented 0.5%, also unchanged compared with December 2023.
Serious delinquencies (90 days or more past due, including loans in foreclosure) represented 1% of all loans, again flat compared with December 2023.
The December 2024 serious delinquency rate of 1% continues its downward trend from a high of 4.3% in August 2020.
Month-over-month, the share of loans 30 or more days past due ticked down very slightly compared with November.
The foreclosure rate dropped slightly in December compared with December 2023, according to the firm’s Loan Performance Insights Report.
The foreclosure inventory rate, at 0.2%, was down 0.1% compared with December 2023, matching the lowest ever for any month since at least January 1999.
The foreclosure rate has been between 0.2% and 0.3% since 2020, CoreLogic says in its report.
Although there are persistent pockets of serious delinquency, the 55% decrease in the number of metros recording delinquencies is a bright spot for homeowners and an indication of the strength of the U.S. economy and labor market., the firm says.
“National-level delinquency rates for December show a mortgage market with strong performance, with 97 percent of borrowers making on-time payments,” says Molly Boesel, principal economist for CoreLogic, in the report. “Drilling down to the metro level, some promising trends emerged with the number of metropolitan areas showing increases in delinquencies falling from 80 percent in November to 36 percent in December. Strong mortgage performance reflects a strong economy and labor market.”
Photo: Andy Beales
