In July 2018, 4.1 percent of home mortgages were in some stage of delinquency, down from 4.7 percent a year earlier and the lowest since May 2006, when it was also 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 July, the share of delinquent mortgages was highest in July 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 0.5 percent in July 2018, down from 0.7 percent a year earlier. 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 1.9 percent in July 2018, down from 2.1 percent in July 2017. The share of mortgages 60 to 89 days past due was 0.6 percent in July 2018, down from 0.7 percent from July 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 July the current- to 30-day transition rate remained well below levels during the housing crisis. The July 2018 current- to 30-day rate was 0.8 percent, down from 0.9 percent a year earlier. The 30- to 60-day transition rate was 15.2 percent in July 2018, down from 17.3 percent in July 2017, while the 60- to 90-day transition rate was 25.4 percent this July, down from 28.4 percent a year earlier.
Figure 2 shows the states with the highest and lowest share of mortgages 30 days or more delinquent. In July 2018, that rate was highest in Mississippi at 8 percent and lowest in Colorado at 1.9 percent. No states had increases in their 30-plus-day delinquency rate from a year earlier.
Figure 3 shows the 30-plus-day past-due rate for July 2018 for the 10 largest metro areas. Miami had the highest rate at 6.5 percent, increasing from 6.3 percent in July 2017, while San Francisco had the lowest at 1.5 percent. Both Miami and Houston saw year-over-year increases in their delinquency rates, though the increases were smaller than they have been in recent months, indicating that the effects of the 2017 hurricanes are waning in those CBSAs.
 Metro areas used in this report are the ten most populous Core-Based Statistical Areas.
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