In May 2018, 4.2 percent of home mortgages were in some stage of delinquency, down from 4.5 percent a year earlier and the lowest for the month of May since 2006, when it was 4.1 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 May, the share of delinquent mortgages was highest in May 2010, at 11.4 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 0.5 percent in May 2018, down from 0.7 percent a year earlier and the lowest level since 2006. The foreclosure rate is now below the average pre-crisis level of 0.6 percent.
The share of mortgages that were 30 to 59 days past due – considered early-stage delinquencies – was 1.8 percent in May 2018, down from 1.9 percent in May 2017. The share of mortgages 60 to 89 days past due was 0.6 percent in May 2018, unchanged from May 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 in May the current- to 30-day transition rate remained well below levels during the housing crisis. The rate had increased in recent months, mainly due to the hurricanes along the Gulf and Atlantic coasts, but has since resumed its downward trend. The May 2018 current- to 30-day rate was 0.8 percent, unchanged from May 2017. The 30- to 60-day transition rate was 15.1 percent in May 2018, up from 13.8 percent in May 2017, while the 60- to 90-day transition rate was 24.3 percent this May, down from 24.9 percent a year earlier.
Figure 2 shows the states with the highest and lowest share of mortgages 30 days or more delinquent. In May 2018, that rate was highest in Mississippi at 7.9 percent and lowest in Colorado at 1.8 percent. Florida had the third-highest delinquency rate of any state at 6.2 percent. The delinquency rate in Florida increased by 1 percentage point from a year earlier due to effects from the hurricanes in late summer 2017. Texas, which had also seen increases in the overall delinquency rate since Hurricane Harvey, showed no change in delinquency rates from May 2017.
Figure 3 shows the 30-plus-day past-due rate for May 2018 for the 10 largest metro areas. Miami had the highest rate at 7.8 percent, increasing from 6.2 percent in May 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 1.3 percentage points in Houston and 1.6 percentage points in Miami.
 Metro areas used in this report are the ten most populous Core-Based Statistical Areas.
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