Serious mortgage delinquency and foreclosure rates continue to move lower and are at their lowest levels since the fourth quarter of 2007, according to CoreLogic’s monthly Loan Performance Report for February.
The report says the national mortgage delinquency rate, loans that were 30 or more days past due, declined to 5.0 percent, down a half-point from a year earlier.
Serious delinquency is defined as 90 days or more past due, including loans in foreclosure.
CoreLogic says that monitoring early-stage delinquency rates, at the 30 days or more level, is crucial for determining the overall health of the mortgage market.
“The past due share declined to 5.0 percent, the lowest since September 2007,” says Frank Nothaft, chief Economist at CoreLogic. “However, current-to-30-day past due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held steady.”
Some states are seeing higher delinquency rates.
“While national-level delinquency rates declined, the serious delinquency rate remained elevated in many mid-Atlantic and northeast states led by New York and New Jersey,” said Frank Martell, president and CEO of CoreLogic.
The 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is near a 10-year low, CoreLogic says.