Following an unprecedented boom in global housing prices, countries are experiencing pricing corrections.
U.S. overall mortgage delinquencies dropped for the 18th consecutive month year over year in September.
With current mortgage rates at over 6%, the vast majority (99%) of outstanding mortgage debt has a lower mortgage rate locked in.
The CoreLogic Quarterly Mortgage Fraud Brief analyzes the metro areas with the highest mortgage fraud risk on a quarterly basis and offers insights based on the analysis of trends found in residential mortgage loan applications.
Only 2.8% of U.S. homeowners with mortgages were delinquent in August, the lowest level since near the start of the pandemic.
Although more than half of homes sold within 30 days, the median number of days they are staying on the market is growing.
After down payment amounts barreled downward during the housing crisis of the Great Recession, they have since steadily increased. Recently, the pandemic incited a surge that has led to record highs.
For the month of July, 3% of all mortgages in the U.S. were in some stage of delinquency, representing a 1.2 percentage point decrease compared to 4.2% in July 2021.
As mortgage rates slow the buying frenzy, long-standing housing supply pressures began to ease. However, the supply of homes remains lower than pre-pandemic averages.
In June 2022, 2.9% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 1.5 percentage point decrease in the overall delinquency rate compared with June 2021.
After large increases in mortgage fraud risk for much of 2021, our 2022 Annual Mortgage Fraud Report shows a 7.5% year-over-year decrease in fraud risk at the end of the second quarter of 2022.