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U.S. Overall Delinquency, Foreclosure Rates Lowest Since at Least 2000
CoreLogic’s latest Loan Performance Insights Report shows 4.1% of mortgages nationally were in some stage of delinquency in December 2018, representing a 1.2 percentage point decline in the overall delinquency rate compared with December 2017, when it was 5.3%. The December 2018 foreclosure inventory rate tied the November 2018 rate as the lowest for any month since at least January 2000.
The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.4% in December 2018, down 0.2 percentage points from December 2017.
CoreLogic chief economist Dr. Frank Nothaft says, “Our latest home equity report found that the average homeowner saw a $9,700 increase in their equity during 2018. With additional ‘skin in the game,’ rising equity reduces the chances of a foreclosure, helping to push the foreclosure rate down to its lowest level since at least 2000.”
Since the beginning of 2018, the nation’s overall delinquency rate has fallen to pre-housing crisis levels, not seen since early 2006. However, several metropolitan areas in Florida, Georgia and North Carolina are still struggling to recover from natural disasters that impacted those areas. In December 2018, 10 out of the 12 metropolitan areas that logged increases in their serious delinquency rate were located in the Southeast, with the largest gains occurring in the Panama City, Florida metropolitan area.
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