Introduction

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

“Homeowners have seen a big rise in home equity, which lowers foreclosure risk because owners have more ‘skin in the game.' Our latest Home Equity report found that between the first quarter of 2011 and the second quarter of 2019, average equity per borrower increased from $75,000 to $176,000 and rose $5,000 in the past year alone.”

- Dr. Frank Nothaft
Chief Economist for CoreLogic

30 Days or More Delinquent - National

The 30 days or more delinquency rate for July 2019 was 3.8%.

In July 2018, 4.1% of mortgages were delinquent by at least 30 days or more including those in foreclosure.

This represents a 0.3% decline in the overall delinquency rate compared with July 2018.

30 Plus Delinquency

Delinquency Hotspots

The nation's overall delinquency remains near the lowest level since at least 1999. However, four states posted small annual increases in overall delinquency rates in July: Vermont (0.5 percentage points), New Hampshire (0.2 percentage points), Iowa (0.1 percentage points) and Minnesota (0.1 percentage points).

Five states, including three of the four listed above, posted small annual gains in the share of mortgages that transitioned from current-to-30-days past due in July: Vermont (0.3 percentage points), New Hampshire (0.1 percentage points), Iowa (0.1 percentage points), Wisconsin (0.1 percentage points) and Florida (0.1 percentage points).

In July 2019, 37 metropolitan areas recorded small increases in overall delinquency rates. Some of the highest gains were in the Midwest and Southeast. Metros with the largest increases were Dubuque, Iowa (2.5 percentage points), Davenport-Moline-Rock Island, Iowa-Illinois (1.5 percentage points) and Pine Bluff, Arkansas (1.1 percentage points). Panama City, Florida, and Goldsboro, North Carolina, both experienced increases of 0.5 percentage points.

Consumer Research
“The fundamentals of the housing market remain very solid with foreclosure rates hitting lows not seen in over 20 years. We expect foreclosure rates may very well drift even lower in the months ahead as wage growth and lower mortgage rates provide support for homeownership.”

- Frank Martell
President and CEO of CoreLogic

Loan Performance - National

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

As of July 2019, the foreclosure inventory rate was 0.4%, down 0.1% from July 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 0.8% in July 2019, unchanged from July 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 except for Minnesota, Iowa, Nebraska, North Dakota and South Dakota, which stayed the same.

Delinquency by State

Serious Delinquency – Metropolitan Areas

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

There were 14 metropolitan areas where the Serious Delinquency Rate increased.

There were 62 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 nation's overall delinquency rate was the lowest for a July in at least 20 years. The share of mortgages that transitioned from current to 30-days past due was 0.8% in July 2019, unchanged from July 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%.

Despite recent stress in some areas of the country, mortgage delinquency rates continue to stay at near-record lows.

Methodology

The data in this report represents foreclosure and delinquency activity reported through July 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.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Contact Us

For more information, please email Allyse Sanchez at allyse@ink-co.com.