Serious delinquencies in Texas and Florida increased significantly, according to the Loan Performance Insights report released by CoreLogic  on Tuesday. The report , which looks at foreclosure and delinquency activity reported in April 2018 found that the percent of loans 90 days or more delinquent or in foreclosure in these states more than doubled in April, compared with where they were in the Fall of 2017 when the hurricanes struck. The 90-day-plus delinquent or in-foreclosure rate has also quadrupled in Puerto Rico.
"Delinquency rates are nearing historic lows except in areas impacted by extreme weather over the past 18 months, reflecting a long period of strict underwriting practices and improved economic conditions," said Frank Martell, President, and CEO of CoreLogic. "Last year's hurricanes and wildfires continue to affect today's default rates."
At a national level though, the share of home loans transitioning from current to 30 days past due was the lowest for April since 2000. CoreLogic said that early-stage delinquencies were declined to 1.8 percent in April compared with 2.2 percent last year. The share of mortgages that were 60 to 89 days past due remained unchanged on a year-over-year basis at 0.6 percent, while serious delinquency rates, including loans in foreclosure, were slightly down from a year ago at 1.9 percent. The April 2018 serious delinquency rate was the lowest for that month since 2007 when it was 1.6 percent.
“Job growth, home-price appreciation, and full-doc underwriting have pushed delinquency and foreclosure rates to the lowest point in more than a decade,” said Dr. Frank Nothaft, Chief Economist for CoreLogic.
The report indicated that nationally, 4.2 percent of mortgages were in some stage of delinquency in April 2018. This represented a 0.6 percentage point decline in the overall delinquency rate compared with the same period last year when it was 4.8 percent.
In April, the report revealed, foreclosure inventory rate was 0.6 percent, down a percentage point from 0.7 percent in April 2017. This compares with the lowest level of foreclosure inventory in June 2007.
Learn more about the impact of hurricanes on housing: