Introduction

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

“The transition rate from current to delinquent this January was the lowest in twelve months, which is another hopeful sign that family finances are beginning to improve. Further, the transition from 30- to 60-day delinquency was the lowest since last March and is likely to decline further with strong job growth. The consensus view among economists is that the 2021 economy will expand at the fastest rate since 1984.”

- Dr. Frank Nothaft
Chief Economist for CoreLogic

30 Days or More Delinquent - National

In January 2021, 5.6% 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 January 2020.

30 Plus Delinquency

An Encouraging Start

For families experiencing financial distress, the year began on an encouraging note with delinquencies the lowest they’ve been since the onset of the pandemic. However, millions of homeowners remain in mortgage forbearance plans that were originally scheduled to begin expiring in March 2021. To provide additional time for owners to regain their financial footing and support during the recovery, the Federal Housing Finance Agency announced a six-month extension of forbearance for Government-Sponsored Enterprise loans. 

Recession Impact on Loan Performance

“While delinquency rates are higher than we would like to see, they continue to decline. At the same time, foreclosure rates remain at historic lows. This is a good sign, and considering the improving picture regarding the pandemic and climbing employment rates, we are looking at the potential for a strong year of recovery.”

- 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 January was 5.6%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.3% in January 2021, down from 1.7% in January 2020. The share of mortgages 60 to 89 days past due was 0.5%, down from 0.6% in January 2020. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 3.8%, up from 1.2% in January 2020.

As of January 2021, the foreclosure inventory rate was 0.3%, down from 0.4% in January 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 0.7%, up from 0.6% in January 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 January.
  • Hawaii and Nevada (up 4.2 and 4.1 percentage points, respectively) logged the largest annual increase in overall delinquency rates, as these states are dependent on tourism, which has been slow to recover.

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