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Florida: The Only State to Post Increased Delinquencies

FloridaIn terms of the overall mortgage delinquency rate, the data doesn’t appear too sunny in the Sunshine State, according to the latest CoreLogic Loan Performance Insights Report. Not only did it log the third-highest delinquency rate at 6.2 percent, but Florida’s rate also climbed by 1 percentage point from the previous year because of hurricanes in late summer 2017.

Mississippi posted the nation’s highest delinquency rate in May at 7.9 percent. Florida had the third-highest delinquency rate at 6.2 percent, which was up 1-percentage point from a year earlier. Texas, which also inked an increase in the overall delinquency rate since Hurricane Harvey, showed no change in rates from May 2017.

The state that lays claim to the lowest delinquency rate: Colorado at 1.8 percent.

All told, the nation’s overall delinquency rate in May totaled 4.2 percent, meaning 4.2 percent of home mortgages were in some stage of delinquency. That figure dropped from 4.5 percent a year prior and was the lowest for the month of May since 2006 when it measured 4.1 percent, CoreLogic reports. The rate includes all home loans 30 days or more past due, including those in foreclosure. For the month of May, the share of delinquent mortgages stacked up the highest in May 2010 (11.4 percent). By contrast, the delinquent mortgage share averaged 4.7 percent during the pre-crisis period (2000 to 2006).

Besides delinquency rates, CoreLogic also monitors the rate at which mortgages move from one stage of delinquency to the next. This May’s current- to 30-day rate amounted to 0.8 percent, unchanged from May 2017. The 30- to 60-day transition rate was 15.1 percent this May, up from 13.8 percent a year prior, while the 60- to 90-day transition rate was 24.3 percent this May, down from 24.9 percent in May 2017.

The foreclosure inventory rate—i.e., the share of mortgages in some stage of foreclosure—totaled 0.5 percent this May, down from 0.7 percent a year earlier and the lowest since 2006. The foreclosure rate now sits below the average pre-crisis level of 0.6 percent, the report says.

Additionally the share of mortgages that were 30 to 59 days past due—deemed “early-stage delinquencies”—was 1.8 percent this May, a drop-off from 1.9 percent in May 2017. The share of mortgages 60 to 89 days past due was 0.6 percent this May, same as May 2017.

About Author: Alison Rich

Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched.
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