Introduction

The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through February 2021.

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.

“Some families that had overspent during the year-end holiday season, and then faced financial stress in the new year, may slip behind on a mortgage payment by February. During each of the last five years, the 30-day delinquency rate moved higher from January to February. With economic conditions improving, we expect delinquency rates to move lower in coming months.”

- Dr. Frank Nothaft
Chief Economist for CoreLogic

30 Days or More Delinquent - National

In February 2021, 5.7% of mortgages were delinquent by at least 30 days or more including those in foreclosure.

This represents a 2.1-percentage point increase in the overall delinquency rate compared with February 2020.

30 Plus Delinquency

Optimistic Consumer Outlook

Government support throughout the pandemic, and improving employment rates, have enabled more borrowers to remain current on their mortgages than would otherwise have occurred. With a more optimistic economic outlook, consumer sentiment has improved. In fact, according to a recent CoreLogic consumer survey, 8 in 10 respondents indicated they were unlikely to fall behind on their mortgage payment based on their current financial situation.

Recession Impact on Loan Performance

“Overall delinquency ticked up slightly in February, but the serious delinquency and foreclosure rates continued a sequential monthly decline that began in August. Consumer confidence continues to rise as the economy roars back to life. These factors bode well for housing fundamentals in 2021 and as far as the eye can see.”

- Frank Martell
President and CEO of CoreLogic

National Delinquency Rate

Loan Performance - National

CoreLogic examines all stages of delinquency to more comprehensively monitor mortgage performance.

The nation's overall delinquency rate for February was 5.7%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.5% in February 2021, down from 1.8% in February 2020. The share of mortgages 60 to 89 days past due was 0.5%, down from 0.6% in February 2020. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 3.7%, up from 1.2% in February 2020.

As of February 2021, the foreclosure inventory rate was 0.3%, down from 0.4% in February 2020.

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 0.9%, unchanged from February 2020.

National Transition Rate
Delinquency By State

Overall Delinquency - State

Overall delinquency is defined as 30-days or more past due, including those in foreclosure.

  • All U.S. states and nearly all metro areas logged increases in annual overall delinquency rates in February.
  • Hawaii and Nevada (both up 4 percentage points) again logged the largest annual increase in overall delinquency rates in February.

Serious Delinquency – Metropolitan Areas

Serious delinquency is defined as 90 days or more past due including loans in foreclosure.

There were 384 metropolitan areas where the Serious Delinquency Rate increased.  There were 0 metropolitan areas where the Serious Delinquency Rate remined the same or decreased. 

Delinquency CBSA Map

Summary

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.

For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights.

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Methodology

The data in the CoreLogic Loan Performance Insights report represents foreclosure and delinquency activity reported through February 2021.

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 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. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

Source: CoreLogic

The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Amy Brennan at newsmedia@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.


About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.

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Contact Us

For more information, please email Amy Brennan at newsmedia@corelogic.com.