Mortgage delinquency rates, including loans in serious delinquency and even foreclosure inventory, fell at the start of 2017, according to the latest monthly Loan Performance Insights Report from CoreLogic, a global property information, analytics and data-enabled solutions provider.
In January, 5.3% of mortgages were delinquent by 30 days or more, a drop of 1.1 percentage points from January last year.
“The 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is at a 10-year low and rapidly declining,” CoreLogic President and CEO Frank Martell said.
“While late-stage delinquencies remain in the pipeline in selected markets, early-stage delinquency performance is stellar and the lowest it’s been in two decades,” Martell said. “The continued improvement in mortgage performance bodes well for the health of the market in 2017.”
Foreclosure inventory rates, which measures the share of mortgages in some stage of the foreclosure process, decreased to 0.8%, down from 1.1% last year. The serious delinquency rate, loans 90 days or more past due, including those in foreclosure, dropped to 2.5%. This is down from 3.2% the year before.