Introduction

The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through April 2019.

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.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes transition rates between states of delinquency and separate breakouts for 120+ day delinquency.

"Thanks to a 50-year low in unemployment, rising home prices and responsible underwriting, the U.S. overall delinquency rate is the lowest in more than 20 years. However, a number of metros that suffered a natural disaster or economic decline contradict this national trend. For example, in the wake of the 2018 California Camp Fire, the serious delinquency rate in the Chico, California, metro area this April was 21% higher than one year ago."

- Dr. Frank Nothaft
Chief Economist for CoreLogic

30 Days or More Delinquent - National

The 30 days or more delinquency rate for April 2019 was 3.6%.

In April 2018, 4.3% of mortgages were delinquent by at least 30 days or more including those in foreclosure.

This represents a 0.7% decline in the overall delinquency rate compared with April 2018.

30 Plus Delinquency

Natural Disasters and Housing

In April 2019, 10 metropolitan areas logged an increase in the serious delinquency rate. The highest gains continue to plague the hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California where the Camp Fire devastated communities in 2018.

Consumer Research
"The U.S. has experienced 16 consecutive months of falling overall delinquency rates, but it has not been a steady decline across all areas of the country. Recent flooding in the Midwest could elevate delinquency rates in hard-hit areas, similar to what we see after a hurricane."

- Frank Martell
President and CEO of CoreLogic

Loan Performance - National

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

As of April 2019, the foreclosure inventory rate was 0.4%, down 0.1% from April 2018.

National Delinquency Rate

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 0.7% in April 2019, down from 0.8% April 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2% and peaked in November 2008 at 2%.

National Transition Rate

Serious Delinquency - State

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

All states saw Serious Delinquency Rates decrease.

Delinquency by State

Serious Delinquency - CBSA

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

There were 10 metropolitan areas where the Serious Delinquency Rate increased.

There were 27 metropolitan areas where the Serious Delinquency Rate remained the same

All the remaining metropolitan areas saw the Serious Delinquency Rate decrease.

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.

The 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is at an over 10-year low. The share of mortgages that transitioned from current to 30-days past due was 0.7% in April 2019, down from 0.8% in April 2018.

By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2% and peaked in November 2008 at 2%.

The continued improvement in overall mortgage performance bodes well for the health of the U.S. market in 2019.

Methodology

The data in this report represents foreclosure and delinquency activity reported through April 2019. 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. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data.

Source: CoreLogic

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 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 is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific.

For more information, please visit corelogic.com.

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Contact

For more information, please email cyoshinaka@corelogic.com