In March 2018, 4.3 percent of home mortgages were in some stage of delinquency, down from 4.4 percent a year earlier and the lowest for any month since March 2007, when it was 4.2 percent, according to the latest CoreLogic Loan Performance Insights Report. The measure, also known as the overall delinquency rate, includes all home loans 30 days or more past due, including those in foreclosure. For the month of March, the share of delinquent mortgages was highest in March 2010, at 11.1 percent. During the pre-crisis period (2000 to 2006), the share of delinquent mortgages averaged 4.7 percent.
The foreclosure inventory rate – meaning the share of mortgages in some stage of the foreclosure process – was 0.6 percent in March 2018, down from 0.8 percent a year earlier. The foreclosure rate is back to the pre-crisis level of 0.6 percent.
The share of mortgages that were 30 to 59 days past due – considered early-stage delinquencies – was 1.7 percent in March 2018, unchanged from March 2017. The share of mortgages 60 to 89 days past due was 0.6 percent in March 2018, also unchanged from March 2017.
In addition to delinquency rates, CoreLogic tracks the rate at which mortgages transition from one stage of delinquency to the next, such as going from current to 30 days past due. Figure 1 shows that the current- to 30-day transition rate remained well below levels during the housing crisis in March. The rate had increased in recent months, mainly due to the hurricanes along the Gulf and Atlantic coasts. The March 2018 current- to 30-day rate was 0.7 percent, up from 0.6 percent in March 2017. The 30- to 60-day transition rate was 11.6 percent in March 2018, unchanged from March 2017, while the 60- to 90-day transition rate was 20.5 percent this March, down from 20.8 percent a year earlier.
Figure 2 shows the states with the highest and lowest rate of mortgages in some stage of delinquency. In March 2018, that rate was highest in Mississippi at 7.7 percent and lowest in Colorado at 1.8 percent. Florida had the third-highest delinquency rate of any state at 7.2 percent. The delinquency rate in Florida increased by 2 percentage points from a year earlier due to effects from the hurricanes in late summer 2017. While Texas was not among the top five states with the highest overall delinquency rate, its rate rose from 4.7 percent in March 2017 to 5.3 percent in March 2018, reflecting Hurricane Harvey’s impacts.
Figure 3 shows the 30-plus-day past-due rate for the 10 largest metro areas. Miami had the highest rate at 9.1 percent, increasing from 6.2 percent in March 2017, while San Francisco had the lowest at 1.5 percent. Both Miami and Houston saw significant year-over-year increases in their delinquency rates – up 2.6 percentage points in Houston and 2.9 percentage points in Miami.
 Metro areas used in this report are the ten most populous Core-Based Statistical Areas.
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