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CoreLogic: Cases of Delinquent Home Loans Low, but Growing in Pockets

Of all mortgages nationwide, just 4 percent were delinquent in June, down 0.3 percent year-over-year, according to the CoreLogic’s latest Loan Performance Insights Report . Eight states, however, posted upticks: Vermont (+0.7 percent); New Hampshire (+0.3 percent); Nebraska (+0.2 percent); Minnesota (+0.2 percent); Michigan (+0.1 percent); Iowa (+0.1 percent); Wisconsin (+0.1 percent); and Connecticut (+0.1 percent).
Additionally, there were blips in a few metropolitan regions: Janesville-Beloit, Wis. (+2.5 percentage points); Pine Bluff, Ark. (+1.6 percentage points); Panama City, Fla. (+0.6 percentage points); Altoona, Pa. (+0.6 percentage points); and Kokomo, Ind. (+0.6 percentage points).
CoreLogic defines delinquency as 30 days or more past due. In June, 2.1 percent of loans were 30-59 days past due; 0.6 percent were 60-90 days past due; and 1.3 percent were 90 or more days past due. The foreclosure inventory rate was 0.4 percent—a 20-year low.
“A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” says Dr. Frank Nothaft, chief economist at CoreLogic. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”
“While the nation continues to post near-record-low mortgage delinquency rates, we are seeing signs of emerging stress in some states,” says Frank Martell, president and CEO of CoreLogic. “We saw rates jump in states such as Vermont, New Hampshire, Nebraska and Minnesota that weren’t tied to a natural disaster.”
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