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New Foreclosures Rose 3.5% From Prior Quarter

The Office of the Comptroller of the Currency (OCC) Mortgage Metrics Report for Q4 2019 found new foreclosures rose 3.5% from the prior quarter. This number reflects a 24.6% decline from the prior year. 

The report also found that 96.5% of mortgages outlined were current and performing at the end of Q4, which is a slight increase from last year’s 95.8%. 

According to the OCC, the number of loans 30-59 days delinquent has fallen from 459,000 in Q4 2017 to 272,000 in Q4 2019. Seriously delinquent loans, which are usually classified as more than 90 days, have fallen from 439,000 to 239,000 during that time span. 

Newly-initiated foreclosures have also fallen from Q4 2017 to Q4 2019, dropping to 22,200 in Q4 2019 from 34,500 in Q4 2017. 

CoreLogic found that the nation’s overall delinquency was 3.9% in November 2019, which is a marginal decline from last year’s 4%. November’s reading was the lowest reading for November in more than 20 years. 

The share of delinquent mortgages in November historically peaked in 2009 at 11.5%. Since March 2018, the overall delinquency rate each month has been lower than the pre-crisis period from 2000 to 2006. The rate averaged 4.7% during that time. 

The serious delinquency rate—those more than 90 days past due, including those in foreclosure—was 1.3% for the month. This represents a slight decline in November 2018’s 1.5%. 

CoreLogic says the serious delinquency rate has remained at 1.3% since April 2019. 

The share of mortgages in some stage of the foreclosure process was 0.4%, which is unchanged from last year. Mortgages that were 30-59 days past due, or those considered early-stage delinquencies, was 2% in November—up from 1.9% in November 2018. 

Mississippi had the highest share of mortgage 30 days or more delinquent for the month at 7.6%. Oregon and Colorado had the lowest at 1.9%. North Carolina was found to have the largest decline at 0.7%.

Of the 10 largest metropolitan areas, Miami had the highest delinquency rate for the 30-plus day past-due rate at 5.4%. San Francisco had the lowest rate at 1.2%. 

About Author: Mike Albanese

Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.

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