Home / Daily Dose / Disaster-Struck Areas Recovering From Delinquency
Print This Post Print This Post

Disaster-Struck Areas Recovering From Delinquency

delinquencyDelinquency rates fell to historically low levels in December 2019, according to CoreLogic. The Loan Performance Insights report reveals that 3.7% of home mortgages were in some stage of delinquency in December, down from 4.1% in 2018. On the state level, no state saw an increase in delinquency.

The serious delinquency rate, defined as 90 days or more past due, including loans in foreclosure, was 1.2% in December 2019, down from 1.5% in December 2018. This is the lowest serious delinquency rate experienced since June 2000.  The foreclosure inventory rate was 0.4% in December 2019, unchanged from a year earlier.

Areas recovering from natural disasters saw some of the biggest drops in delinquency. Panama City, Florida, which was affected by Hurricane Michael in 2018, saw the largest annual decrease with a 5.9 percentage point drop. Chico, California, the site of the destructive 2018 Camp Fire, had a 3.1 percentage point drop in the annual delinquency rate. The states that logged the largest annual decreases included North Carolina and Mississippi (both down 0.8 percentage points).

The highest percentage of mortgages at least 30 days past due could be found in Miami at 5.1%. San Francisco had the lowest rate at 1.2%.

While December 2019’s delinquency rates nationally were at their lowest levels in 20 years, there were 13 metropolitan areas that recorded annual increases. The largest annual increases were in the following metros: Janesville-Beloit, Wisconsin (up 1.9 percentage points); Enid, Oklahoma (up 0.6 percentage points); and Pine Bluff, Arkansas (up 0.6 percentage points).

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.

Check Also

Federal Reserve Holds Rates Steady Moving Into the New Year

The Federal Reserve’s Federal Open Market Committee again chose that no action is better than changing rates as the economy begins to stabilize.