Introduction
The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through March 2022.
Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.
The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes transition rates between states of delinquency and separate breakouts for 120+ day delinquency.
“The share of borrowers in any stage of delinquency was at an all-time low in the first quarter of 2022. However, more than one-third of delinquent mortgages remain six months or more past due on their payments. While we may see an uptick in distressed sales over the coming year, historic home equity gains should keep these sales from reaching elevated levels.”
– Molly Boesel
Principal Economist for CoreLogic
30 Days or More Delinquent – National
In March 2022, 2.7% of mortgages were delinquent by at least 30 days or more including those in foreclosure.
This represents a 2.2-percentage point decrease in the overall delinquency rate compared with March 2021. This remains the lowest recorded overall delinquency rate in the U.S. since at least January 1999.
Delinquency Rates Continue to Shrink in March
The national mortgage delinquency rate once again declined year over year and reached another historic low in March, with foreclosure activity following suit. A strong job market and income growth continue to drive down the number of property owners who are late on their mortgage payments, while rising home prices and the resulting equity gains are providing alternative options to those who may be coming out of forbearance and/or facing foreclosures. In the first quarter of 2022, U.S. homeowners saw equity increase by more than 32% on an annual basis, with the average borrower earning nearly $64,000 over the past year.
Loan Performance – National
CoreLogic examines all stages of delinquency to more comprehensively monitor mortgage performance.
The nation’s overall delinquency rate for March was 2.7%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1% in March 2022, unchanged from March 2021. The share of mortgages 60 to 89 days past due was 0.3%, down from 0.4% in March 2021. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4%, down from 3.5% in March 2021.
As of March 2022, the foreclosure inventory rate was 0.2%, down from 0.3% in March 2021.
Transition Rates – National
CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.
The share of mortgages that transitioned from current to 30-days past due was 0.5% ,up from March 2021.
Overall Delinquency – State
Overall delinquency is defined as 30-days or more past due, including those in foreclosure.
In March 2022, all states logged year-over-year declines in their overall delinquency rates. The states with the largest declines were: Nevada (down 3.6 percentage points), Hawaii (down 3.3 percentage points) New Jersey (down 3.2 percentage points) and Maryland (down 3.1 percentage points).
Serious Delinquency - Metropolitan Areas
Serious delinquency is defined as 90 days or more past due including loans in foreclosure.
There were no metropolitan areas where the Serious Delinquency Rate increased.
There were 384 metropolitan areas where the Serious Delinquency Rate decreased.
To learn more about the data behind this article and what CoreLogic has to offer, visit https://www.corelogic.com/.
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