Introduction
The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through October 2022.
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.
“The share of loans in early-stage delinquency increased slightly in October, led by Florida, which began to see the effects of Hurricane Ian. The Punta Gorda and Cape Coral metro areas on Florida’s Gulf Coast saw early-stage mortgage delinquencies triple. If past storm impacts are an accurate barometer, delinquencies in these metros should decrease between the next six to 12 months.”
-Molly Boesel
Principal Economist for CoreLogic
30 Days or More Delinquent – National
In October 2022, 2.8% of mortgages were delinquent by at least 30 days or more including those in foreclosure.
This represents a 1 percentage point decrease in the overall delinquency rate compared with October 2021.
Hurricane Ian Causes Delinquency Increases on Florida’s Gulf Coast
The number of borrowers who were at least 30 days late on their mortgage payments remained at 2.8% for the third straight month in October, still near the lowest delinquency rate seen in more than two decades. The U.S. foreclosure rate also hovered near a record low, holding at 0.3% for the eighth consecutive month. While all states saw at least small year-over-year declines in overall mortgage delinquency rates, six metro areas posted annual upticks. These include two metros on Florida’s Gulf Coast, close to where Hurricane Ian made landfall in late September, causing an estimated $28 billion to $47 billion in property damage throughout the state.
Loan Performance – National
CoreLogic examines all stages of delinquency to more comprehensively monitor mortgage performance.
The nation’s overall delinquency rate for September was 2.8%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.3% in October 2022, up slightly from October 2021. The share of mortgages 60 to 89 days past due was 0.4%, also up from October 2021. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.2% down from 2.2% in October 2021.
As of October 2022, the foreclosure inventory rate was 0.3%, up slightly from October 2021.
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%, unchanged from October 2021.
Overall Delinquency – State
Overall delinquency is defined as 30 days or more past due including loans in foreclosure.
In October 2022, all states logged year-over-year declines in their overall delinquency rates. The states with the largest declines were Louisiana (2.8 percentage points) and New Jersey and New York (both 1.6 percentage points).
Serious Delinquency – Metropolitan Areas
Serious delinquency is defined as 90 days or more past due including loans in foreclosure.
There were no metropolitan areas where the Serious Delinquency Rate increased.
There were 384 metropolitan areas where the Serious Delinquency Rate decreased.
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: corelogic.wpengine.com/insights.
Methodology
The data in this report represents foreclosure and delinquency activity reported through October 2022. 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
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About CoreLogic
CoreLogic, 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 corelogic.wpengine.com.
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