CoreLogic Loan Performance Insights Finds Delinquency Rates Are Up in Natural Disaster Areas but Down Nearly Everywhere Else
-
U.S. serious delinquency and foreclosure rates were the lowest for September in 12 years - The overall past due rate has fallen on a year-over-year basis for the past nine consecutive months
- In the wake of major natural disasters – such as Hurricane Florence, the Carr Fire and the
Kilauea eruption – impacted metro areas have experienced an upward spike in delinquency rates
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Highest Annual Gains in Overall Delinquency Rate Occurred in Several North and South Carolina Metro Areas;
As of
Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively,
The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2.2 percent in
Since early-stage delinquencies can be volatile,
“The effects of 2018’s natural disasters have begun to show clearly in our delinquency data,” said Dr.
Hurricane Florence caused considerable economic disruption in September this year. Seven of the top eight metro areas that experienced the highest annual gains in the overall delinquency rate were in
“Outside of areas affected by natural disasters, serious delinquency and foreclosure rates have declined steadily across the nation as the labor market has improved and home prices have risen,” said
For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights.
Methodology
The data in this report represents foreclosure and delinquency activity reported through
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.
Source:
The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from
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