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Mortgage Delinquencies Drop to a 10-Year Low
CoreLogic’s Loan Performance Insights Report shows that, in California, 2.7% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March 2017. That figure represents a 0.6 percentage point decline in the overall delinquency rate compared with March 2016 when it was 3.3%.
California’s foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.3% in March 2017 compared with 0.4% in March 2016. The serious delinquency rate, 90 days or more past due, including loans in foreclosure, was 1.0%, down from 1.4% in March 2016.
Overall delinquency rates have also improved across the U.S., falling to 4.4% in March from 5.2% the year before.
CoreLogic’s chief economist Dr. Frank Nothaft said, “Early-stage mortgage performance continues to improve at a steady pace, especially for 30-59-day delinquencies, which fell to 1.7%, the lowest rate for any month since January 2000. Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007.”
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