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 Verification
    • 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

    • 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 Verification
    • 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

    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes

Home / Intelligence / Reports / Loan Performance Insight / Overall Delinquency Rate Increases to Highest Level in More than Five Years

ABOUT THE AUTHOR
Molly Boesel
Molly Boesel
Principal, Economist, Office of the Chief Economist
View Profile
  • August 11, 2020

Overall Delinquency Rate Increases to Highest Level in More than Five Years

Loan Performance Insights Report Highlights: May 2020


  • The nation’s overall delinquency rate was 7.3% in May.
  • All states and all but two metros showed increases in their overall delinquency rates.

In May 2020, 7.3% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure)[1], the highest overall delinquency rate since August 2014, according to the latest CoreLogic Loan Performance Insights Report. The May 2020 overall delinquency rate jumped 1.2 percentage points from the prior month as the impact of the coronavirus pandemic and resulting recession made it difficult for borrowers to make their monthly mortgage payments.

The share of mortgages that were 30 to 59 days past due – considered early-stage delinquencies – was 3% in May 2020, up from 1.7% in May 2019. Early-stage delinquencies progressed to the next stage in May with the share of mortgages 60 to 89 days past due increasing to 2.8% in May 2020, up from 0.6% in May 2019 and from 0.7% in April 2020.

The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5% in May 2020, up from 1.3% in May 2019. This was the first year-over-year increase in the serious delinquency rate since November 2010.  The foreclosure inventory rate – the share of mortgages in some stage of the foreclosure process – was 0.3% in May 2020, down from 0.4% from May 2019 and matched April 2020 for the lowest foreclosure rate in at least 21 years[2].

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 increased to 2.2% in May 2020 from 0.8% in May 2019. While May 2020 the transition rate was lower than the April 2020 transition rate, it remained above the previous peak of 2% in November 2008.

Figure 2 shows the states with the highest and lowest share of mortgages 30 days or more delinquent. In May 2020, that rate was highest in New York at 11.4% and lowest in Idaho and South Dakota at 3.9%.  All U.S. states posted annual gains in their overall delinquency rate in May 2020. The states that logged the largest annual increases were New Jersey (+6.4 percentage points), Nevada (+6.4 percentage points), New York (+6.1 percentage points) and Florida (+5.8 percentage points).

Figure 3 shows the 30-plus-day past-due rate for May 2020 for 10 large metropolitan areas.[3] Miami had the highest rate at 13.9% and San Francisco had the lowest rate at 4.9%. Miami had the largest increase in the overall delinquency rate of any metro, increasing 9.2 percentage points from a year earlier. Outside of the largest 10, all but two metros recorded an increase in the overall delinquency rate, with tourist destinations such as Kahului, Hawaii and Las Vegas, Nevada, as well as oil-dependent Odessa, Texas, showing the largest gains.

© 2020 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] The data in this report date back to January 1999.

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

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

Related Posts

Turkey Syria Earthquake
Hazard HQ

M7.5 – 7.8 Earthquake Sequence Near Turkey-Syria Border

A sequence of powerful earthquakes struck near the Turkey-Syria border, with three of the earthquakes registering magnitudes exceeding 6.5.

February 7, 2023
Dec2022HPIPromo
Blogs

U.S. Home Price Insights – February 2023

U.S. home prices continued to slow on a year-over-year basis in December 2022, moving down to 6.9%.

February 7, 2023
Jan23CSIPromo
Home Price Insights

US CoreLogic S&P Case-Shiller Index Growth Rate Cools Further in November, Up by 7.7%

Annual U.S. home price growth continued to relax in November for the seventh straight month.

January 31, 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
  • Security
  • Sitemap
  • Accessibility
  • Legal
  • Privacy Policy
  • CCPA
  • Security
  • Sitemap
  • Accessibility