CoreLogic’s latest Loan Performance Report found that 4% of mortgages in March 2019 were delinquent 30 days or more, which is just a 0.3% decline year-over-year and unchanged from February.
The largest annual gains in serious delinquency rates came in metros heavily affected by hurricanes. Panama City, Florida, saw a 1.9% increase, and Albany, Georgia, had a 1% increase. CoreLogic states that 166 U.S. metro areas in March posted small increases in overall delinquency rates.
"Delinquency rates and foreclosures continue to drop through March and should decline further in the months ahead barring any serious dislocations from recent flooding in the mid-west or a severe Atlantic hurricane and/or wildfire season on the coasts,” said Frank Martell, President and CEO of CoreLogic.
The report also states the overall foreclosure inventory fell to 0.4% in March 2019, which is a 0.2% decrease year-over-year.
Mortgages moving from current to 30-days past due was 0.9% in March 2019—a 0.2% increase year-over-year. The current to 30-day past due rate in January 2007 was 1.2% and peaked in November 2008 at 2%. Mortgages 60 to 90 days past due increased to 22.4% from 20.6% in March 2018. According to the report, the 30-plus delinquency rate is at a more than 10-year low.
The 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is at an over 10-year low. The share of mortgages that transitioned from current to 30-days past due was 0.9% in March 2019, up from 0.7% in March 2018.
No states reported increases in serious delinquency rates, which are mortgages more than 90 days past due. Three states—Minnesota, Montana, Nebraska and North Dakota—saw no changes in their serious delinquency rates.
CoreLogic also reported that just 29 Core Based Statistical Areas (CBSA) had an increase in its serious delinquency rates. There were 32 CBSAs that saw no change in their serious delinquency rates.