Chat
Chat with Sales Hours: Monday-Friday 8:30 a.m. - 4:30 p.m. (CST)
Contact Sales
Call Sales Toll-Free 1-(866) 774-3282 Hours: Monday-Friday 7 a.m. - 5 p.m. (CST)
Product Login
Product Log-in
Product Support
Product Support
Email Sales
Contact Sales
After Hours
  • Support
  • Sign In Sign In
  • AUS NZ UK
CoreLogic - Home
  • Solutions
    view solutions by:

    Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence

    Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker

    Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax

    Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather
    • Claims Automation
    • Restoration
    • INTRCONNECT

    Mortgage Lenders

    • Origination

    Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring

    Mortgage Appraisers

    • Appraisal

    Real Estate Agents & Brokers

    • Agents & Brokers

    Real Estate MLS

    • Multiple Listing Enterprises

    Commercial Real Estate Owners

    • Commercial Property Tax

    Marketing Departments

    • Property Data

    Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification

    Construction Contractors

    • Restoration Contractors

    General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
  • Resources

    Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index

    Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles

    More Resources

    • Events
    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes
  • Company
    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Search
CoreLogic - Home
  • Solutions
  • Resources
  • Company

    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Accounts

    • Products Sign-in
  • Contact

    • Sales Contact
    • Product Support
  • Regions

    • Australia
    • New Zealand
    • United Kingdom
  • Social

    • Facebook
    • Instagram
    • Linkedin
    • Twitter
    • Youtube
Solutions
VIEW BY:
  • Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence
  • Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker
  • Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax
  • Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather
    • Claims Automation
    • Restoration
    • INTRCONNECT
  • Mortgage Lenders

    • Origination
  • Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring
  • Mortgage Appraisers

    • Appraisal
  • Real Estate Agents & Brokers

    • Agents & Brokers
  • Real Estate MLS

    • Multiple Listing Enterprises
  • Commercial Real Estate Owners

    • Commercial Property Tax
  • Marketing Departments

    • Property Data
  • Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification
  • Construction Contractors

    • Restoration Contractors
  • General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
Resources
  • Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index
  • Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles
  • More Resources

    • Events
    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes

Home / Intelligence / Reports / Loan Performance Insight / Delinquency Rates Drop for Seventh Consecutive Month in October

ABOUT THE AUTHOR
Molly Boesel
Molly Boesel
Principal, Economist, Office of the Chief Economist
View Profile
  • January 11, 2022

Delinquency Rates Drop for Seventh Consecutive Month in October

Loan Performance Insights Report Highlights: October 2021

  • The nation’s overall delinquency rate was 3.8% in October.
  • The overall delinquency rate fell in all states from a year earlier.

In October 2021, 3.8% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure)[1], which was a 2.3-percentage point decrease from October 2020 according to the latest CoreLogic Loan Performance Insights Report . Comparatively, the overall delinquency rate in October 2019 was 3.7%.

Overall Delinquency Rates

The share of mortgages that were 30 to 59 days past due — considered early-stage delinquencies — was 1.2% in October 2021, down from 1.4% in October 2020. The share of mortgages 60 to 89 days past due was 0.3% in October 2021, down from 0.6% in October 2020.

The serious delinquency rate — defined as 90 days or more past due, including loans in foreclosure — was 2.2% in October, down from 4.1% in October 2020. Forbearance programs have kept delinquencies from progressing to foreclosure and therefore the foreclosure inventory rate — the share of mortgages in some stage of the foreclosure process — was at a 22-and-a-half year low of 0.2% in October 2021. However, the share of borrowers behind on payments by six months or more was 1.6% in October — making up roughly 40% of the overall delinquency rate.

Figure 1: Current- to 30-Day Transition Rate Shows Sharp Decrease From Year Ago


October 2021

Stage of Delinquency: Rate of Transition

In addition to delinquency rates, CoreLogic tracks the rate at which mortgages transition from one stage of delinquency to the next, such as going from current to 30 days past due (Figure 1).

The share of mortgages that transitioned from current to 30 days past due was 0.7% in October 2021 — a decrease from 0.8% in October 2020. Low transition rates indicate that while the rate of mortgages in any stage of delinquency remained elevated, fewer borrowers slipped into delinquency than at the peak of delinquency rates in 2020.

Figure 2: States With the Highest and Lowest Rate of Mortgages At Least 30 Days Past Due


October 2021

State and Metro Level Delinquencies

All states posted annual decreases in their overall delinquency rates in October 2021 as the employment picture improved across the country compared to a year earlier. Figure 2 shows the states with the highest and lowest share of mortgages 30 days or more delinquent. In October 2021, that rate was highest in Louisiana at 8% and lowest in Idaho at 1.9%. Idaho has had one of the strongest job recoveries in the U.S. and Louisiana has had one of the weakest. As of October 2021, Idaho had recovered all the jobs lost in March and April 2020 while Louisiana had only recovered 52% of jobs lost. 

Figure 3: Percentage of Mortgages At Least 30 Days Past Due For the Ten Largest Metropolitan Areas


October 2021

Figure 3 shows the 30-plus-day past-due rate for October 2021 for 10 large metropolitan areas.[2] New York and Houston had the highest rates at 5.4%, and San Francisco had the lowest rate at 2%. Miami’s rate decreased 5.2 percentage points from a year earlier. Outside of the largest 10, all but two metros recorded a decrease in the overall delinquency rate. Nevertheless, elevated overall delinquency rates remain in some metros, including Houma-Thibodaux, Louisiana (13.5%); Odessa, Texas (10.2%); Hammond, Louisiana (9.7%) and Laredo, Texas (9.6%).

After over a year of trying conditions for borrowers, delinquency rates have improved. Data from the Bureau of Labor Statistics shows that by October 2021 an estimated 82% of the jobs lost in March and April 2020 were recovered, which translates to roughly 18.2 million Americans back at work. The combination of significant job market improvement, home quity increases and federal assistance programs have helped overall delinquency rates decline to 3.8%, which is close to the October 2019 rate of 3.7%.

© 2022 CoreLogic, Inc. All rights reserved.

[1] Data in this report is provided by TrueStandings Servicing.  https://www.corelogic.com/products/truestandings-servicing.aspx. The CARES Act provided forbearance for borrowers with federally backed mortgage loans who were economically impacted by the pandemic. Borrowers in a forbearance program who have missed a mortgage payment are included in the CoreLogic delinquency statistics, even if the loan servicer has not reported the loan as delinquent to credit repositories.

[2] Metropolitan areas used in this report are the 10 most populous Metropolitan Statistical Areas. The report uses Metropolitan Divisions where available.

  • Category: Intelligence, Loan Performance Insight, Reports
  • Tags: Loan Performance
ABOUT THE AUTHOR
Molly Boesel
Molly Boesel
Principal, Economist, Office of the Chief Economist
View Profile

Related Posts

CSI_Promo_Mar2023
Blogs

US CoreLogic S&P Case-Shiller Index Gain Slows to Pre-Pandemic Low, Up by 3.8% Year Over Year in January

The index continued to decline year over year in January, again posting a single-digit gain.

March 28, 2023
Tornado footprints in Southern California captured by CoreLogic's weather verification technology as viewed in CoreLogic Reactor™.
Blogs

A Rare Los Angeles Tornado and Near Hurricane-Force Winds in San Francisco

CoreLogic Weather Verification Services captured wind and tornado footprints from the severe weather system in California.

March 24, 2023
atmospheric rivers california
Core Conversations

What Was it Really Like to Live Through the California Floods? Our Team Spills

A Conversation With Kent David and Tom Larsen Since the beginning of the year, California has been drenched by atmospheric rivers. The flooding in California

March 22, 2023

About Corelogic

  • Newsroom
  • Leadership
  • Careers
  • Ethics & Compliance

Accounts

  • Products Sign-in

Contact

  • Sales Contact
  • Product Support

Regions

  • CoreLogic Australia
  • CoreLogic New Zealand
  • CoreLogic UK

Follow & Connect

  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • YouTube
© 2023 CoreLogic. All rights reserved.
  • Legal
  • Privacy Policy
  • CCPA
  • Cookie Preferences
  • Security
  • Sitemap
  • Accessibility
  • Legal
  • Privacy Policy
  • CCPA
  • Cookie Preferences
  • Security
  • Sitemap
  • Accessibility