Introduction

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

"Growth in family income and home prices continues to support low delinquency rates. Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year’s hurricanes and wildfires, and this spring’s severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities."

- Dr. Frank Nothaft
Chief Economist for CoreLogic

30 Days or More Delinquent - National

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

In May 2018, 4.2% of mortgages were delinquent by at least 30 days or more including those in foreclosure.

This represents a 0.6% decline in the overall delinquency rate compared with May 2018.

30 Plus Delinquency

Natural Disasters and Housing

The nation's overall delinquency rate has fallen on a year-over-year basis for the past 17 consecutive months. In May 2019, 20 of the country’s metropolitan areas posted at least a small annual increase in overall delinquency, with some of the highest gains occurring in the Midwest and parts of the Southeast. Specifically, areas impacted by flooding this spring in Kentucky, Ohio, Illinois and Indiana have experienced an increase in delinquency rates.

Consumer Research
"While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather. Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country."

- Frank Martell
President and CEO of CoreLogic

Loan Performance - National

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

As of May 2019, the foreclosure inventory rate was 0.4%, down 0.1% from May 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 May 2019, unchanged from May 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, which stayed the same.

Delinquency by State

Serious Delinquency - CBSA

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

There were 11 metropolitan areas where the Serious Delinquency Rate increased.

There were 25 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 0.8% in May 2019, unchanged from May 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 May 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