Tuesday , March 19 2024
New report shows mortgage delinquencies continue to decline

New report shows mortgage delinquencies continue to decline

Three percent of all U.S. mortgages were in some stage of delinquency in July, a 1.2 percent decrease from exactly one year earlier, according to data released last week.

Mortgage delinquencies have now dropped for 16 consecutive months year-over-year and remain near historic lows, Irvine-based CoreLogic reported in its monthly assessment of the U.S. mortgage market.

Early-stage delinquencies – 30 to 59 days past due – were at 1.3 percent, up slightly from July 2021. Adverse delinquencies – 60 to 89 days overdue – accounted for 0.4 percent of the nation’s mortgage delinquencies, essentially unchanged from the previous year.

Serious delinquencies – 90 days or more past due, including foreclosures – stood at 1.3 percent, down from 2.8 percent in July 2021 and a high of 4.3 for 4.3 percent in August 2020.

Zero point three percent of the nation’s mortgages were in some stage of foreclosure in July, essentially unchanged year-over-year.

“Early-stage delinquencies are showing a small but clear increasing trend on a month-over-month and year-over-year basis,” said Molly Boesel, CoreLogic’s principal economist, in a statement. “While the share of mortgages that are 30 to 89 days past due remains below the pre-pandemic level, the slight increase is occurring in most areas of the country.

“[That] could indicate that more borrowers are having trouble making their monthly payments.”

In the Inland Empire, the foreclosure rate in July was 0.2 percent, up from 0.1 percent year-over-year, CoreLogic reported.

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