CoreLogic® (NYSE: CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its monthly Loan
Performance Insights Report. The report shows, nationally, 4% of
mortgages were in some stage of delinquency (30 days or more past due,
including those in foreclosure) in February 2019, representing a 0.8
percentage point decline in the overall delinquency rate compared with
February 2018, when it was 4.8%. This was the lowest for the month of
February in at least 19 years.
This press release features multimedia. View the full release here:
Highest Annual Gains in Serious Delinquency Rate for Core-Based Statistical Areas (CBSAs); CoreLogic February 2019. (Graphic: Business Wire)
As of February 2019, the foreclosure inventory rate – which measures the
share of mortgages in some stage of the foreclosure process – was 0.4%,
down 0.2 percentage points from February 2018. The February 2019
foreclosure inventory rate tied the November and December 2018 and
January 2019 rates as the lowest for any month since at least January
Measuring early-stage delinquency rates is important for analyzing the
health of the mortgage market. To monitor mortgage performance
comprehensively, CoreLogic examines all stages of delinquency, as well
as transition rates, which indicate the percentage of mortgages moving
from one stage of delinquency to the next.
The rate for early-stage delinquencies – defined as 30 to 59 days past
due – was 2% in February 2019, down from 2.1% in February 2018. The
share of mortgages 60 to 89 days past due in February 2019 was 0.6%,
down from 0.7% in February 2018. The serious delinquency rate – defined
as 90 days or more past due, including loans in foreclosure – was 1.4%
in February 2019, down from 2.1% in February 2018. The serious
delinquency rate of 1.4% this February was the lowest for that month
since 2001 when it was also 1.4%.
Since early-stage delinquencies can be volatile, CoreLogic also analyzes
transition rates. The share of mortgages that transitioned from current
to 30 days past due was 1% in February 2019, unchanged from February
2018. By comparison, in January 2007, just before the start of the
financial crisis, the current-to-30-day transition rate was 1.2%, while
it peaked in November 2008 at 2%.
“The persistently impressive economic expansion continues to drive down
housing market distress, with delinquencies and foreclosures hitting
near two-decade lows,” said Dr. Ralph McLaughlin, deputy chief economist
at CoreLogic. “Furthermore, with unemployment at a 50-year low, wage
growth nearing double inflation and a positive demographic structure
that will drive housing demand upwards, the future of U.S. housing and
mortgage markets look bright even if short term indicators suggest
The nation’s overall delinquency rate has fallen on a year-over-year
basis for the past 14 consecutive months. Fewer delinquencies attribute
to the strength of loan vintages in the years since the residential
lending market has recovered following the housing crisis. In February,
11 metropolitan areas experienced annual gains – mostly very small – in
their serious delinquency rates. The largest gains were in four
Southeast metros affected by natural disasters in 2018.
“We are on track to test generational lows as delinquency rates hit
their lowest point in almost two decades. Given the economic outlook, we
are likely to see more declines over the balance of this year,” said
Frank Martell, president and CEO of CoreLogic. “Reflective of the drop
in delinquency rates, no state experienced a year-over-year increase in
its foreclosure inventory rate so far in 2019.”
The next CoreLogic Loan Performance Insights Report will be released on
June 11, 2019, featuring data for March 2019.
For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights.
The data in this report represents foreclosure and delinquency activity
reported through February 2019.
The data in this report accounts for only first liens against a property
and does not include secondary liens. The delinquency, transition and
foreclosure rates are measured only against homes that have an
outstanding mortgage. Homes without mortgage liens are not typically
subject to foreclosure and are, therefore, excluded from the analysis.
Approximately one-third of homes nationally are owned outright and do
not have a mortgage. CoreLogic has approximately 85% coverage of U.S.
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CoreLogic (NYSE: CLGX), the leading provider of property insights and
solutions, promotes a healthy housing market and thriving communities.
Through its enhanced property data solutions, services and technologies,
CoreLogic enables real estate professionals, financial institutions,
insurance carriers, government agencies and other housing market
participants to help millions of people find, acquire and protect their
homes. For more information, please visit www.corelogic.com.
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