Year-over-year rate improved despite 2017 hurricanes
The share of US homes in some stage of delinquency was 4.8% in February, down 0.2 percentage points from a year earlier.
The national rate declined despite the impact of the hurricane season in 2017 which is still impacting affected markets according to the latest Loan Percentage Insights Report from CoreLogic.
The foreclosure inventory rate – the share of mortgages in some stage of foreclosure - was down to 0.6%, a decline year-over-year of 0.2 percentage points, and the lowest it’s been since 2007 (when it was also 0.6%).
The share of mortgages in early-stage delinquency (30-59 days past due) was 2.1% in February 208, unchanged from a year earlier but up from 2.0% in January 2018.
Those 60-89 days past due accounted for an 0.7% share of mortgages, down from 0.8% in January and unchanged from February 2017.
The serious delinquency rate (90+ days past due) was 2.1%, down from 2.2% a year earlier, unchanged from January. This was the lowest for any February since 2007 when it was 1.6%.
“Last year’s hurricanes continue to have an effect on loan performance in affected markets, showing up in statewide data,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Serious delinquency rates in February were 50% higher than in August 2017 in Texas, and nearly double in Florida, even though the wind and flood damage was primarily in coastal markets. In Puerto Rico, the damage was widespread. Serious delinquency rates were up five-fold over the August-to-February period, with a significant increase in all metropolitan areas there.”
