Mortgages have continued to show improved performance, the latest data from CoreLogic shows
Mortgages have continued to show improved performance, the latest data from CoreLogic shows.
Its Loan Performance Insights Report for April 2017 shows that 4.8% of home loans nationally were in some stage of delinquency, down half of a percentage point from a year earlier.
Those homes that were in the foreclosure process also fell, to 0.7% compared to 1% a year earlier; and the serious delinquency rate was down to 2% from 2.6%.
“Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases,” said Dr. Frank Nothaft, chief economist for CoreLogic.
“Regionally, with the exception of several energy industry intensive states – Alaska and North Dakota – the rest of the U.S. continues to see improvements in mortgage performance. While overall performance is improving, it reflects the older legacy pipeline of loans that continue to heal, especially in judicial states which typically take longer to clear out,” Northaft added.
There was an increase in early-stage delinquencies in April, up to 2.2% from 2% a year earlier and the share of mortgages transitioning from current to 30-days past due was 1.2%, up from 1% a year earlier.
It appears likely that delinquency rates will continue to fall for some time, but at a moderating pace,” said Frank Martell, president and CEO of CoreLogic.
“As we look forward, improved fundamentals provide us with a firm foundation and we must now increase our attention to carefully expand the supply of affordable housing stock and ensure that mortgage lending policies help to prudently promote first-time homeownership,” he said.
Its Loan Performance Insights Report for April 2017 shows that 4.8% of home loans nationally were in some stage of delinquency, down half of a percentage point from a year earlier.
Those homes that were in the foreclosure process also fell, to 0.7% compared to 1% a year earlier; and the serious delinquency rate was down to 2% from 2.6%.
“Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases,” said Dr. Frank Nothaft, chief economist for CoreLogic.
“Regionally, with the exception of several energy industry intensive states – Alaska and North Dakota – the rest of the U.S. continues to see improvements in mortgage performance. While overall performance is improving, it reflects the older legacy pipeline of loans that continue to heal, especially in judicial states which typically take longer to clear out,” Northaft added.
There was an increase in early-stage delinquencies in April, up to 2.2% from 2% a year earlier and the share of mortgages transitioning from current to 30-days past due was 1.2%, up from 1% a year earlier.
It appears likely that delinquency rates will continue to fall for some time, but at a moderating pace,” said Frank Martell, president and CEO of CoreLogic.
“As we look forward, improved fundamentals provide us with a firm foundation and we must now increase our attention to carefully expand the supply of affordable housing stock and ensure that mortgage lending policies help to prudently promote first-time homeownership,” he said.
