From CoreLogic’s December Loan Performance Insights:
NY has finally taken the overtaken NJ in mortgage delinquency stats, something I’ve been talking about for months. This is primarily being driven by distressed loan performance improving in NJ, and not delinquencies growing in NY.
NY vs NJ
30 Day Delinquency: 7.1 vs 7.0
Serious Delinquency Rate: 3.9 vs 3.8
Foreclosure Rate: 2.0 vs 1.7
NY and NJ are no longer the #1 and #2 spots nationally across all metrics, 30 day delinquency rates are increasing in a number of states. Florida has jumped to 7.5%, Louisiana to 8.2%, Mississippi to 8.7%. Even Texas is on the verge of jumping into the top 10 with a 30 day rate of 6.8%. The Florida/Texas activity is largely storm related, and this was expected.
If the current rate of improvement holds for NJ, in a year we will be better than the national average on all metrics. With noting, NJ is now resolving mortgage problems faster than any other state, too bad we weren’t at this same pace 3 years ago.