Introduction

The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through November 2020.

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.

“Urban areas hit hard by the pandemic recession or by a natural disaster experienced the largest spike in delinquency over the last year. Forbearance and loan modification helped struggling families rebuild their financial house in hard-hit places. While vaccination will mitigate the pandemic, the best cure for delinquency is income restoration through job creation.”

- Dr. Frank Nothaft
Chief Economist for CoreLogic

30 Days or More Delinquent - National

In November 2020, 5.9% of mortgages were delinquent by at least 30 days or more including those in foreclosure.

This represents a 2-percentage point increase in the overall delinquency rate compared with November 2019.

30 Plus Delinquency

Employment’s Impact on Loan Performance

The unemployment rate fell from 14.8% in April to 6.7% by the end of 2020. Unfortunately, the 2020 recession has had a disparate impact on households, with those in oil and hospitality industries especially hard hit. However, the recent rebound in employment has helped some struggling homeowners begin to make payments again.

Recession Impact on Loan Performance

“The consistent decline in serious delinquency since August is a sign of growing financial stability for families. In addition to ensuring that homeowners stay in their homes, the decline in delinquency means fewer distressed sales, which is both a positive for individual households and the overall housing market.”

- 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 November was 5.9%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.4% in November 2020, down from 2% in November 2019. The share of mortgages 60 to 89 days past due was 0.6%, unchanged from November 2019. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 3.9%, up from 1.3% in November 2019. This is the lowest serious delinquency rate since June 2020, pointing to signs of increasing stabilization.

 As of November 2020, the foreclosure inventory rate was 0.3%, down from 0.4% in November 2019.

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 0.8%, down from 1% in November 2019.

National Transition Rate
Delinquency By State

Serious Delinquency - State

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

  • Every state logged an annual increase in overall delinquency rates in November.
  • Hawaii (up 4.3 percentage points) and Nevada (up 4.2 percentage points) topped the list for gains.

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 area where the Serious Delinquency Rate remained 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 November 2020.

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 Valerie Sheets 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 Valerie Sheets at newsmedia@corelogic.com.