According to the CoreLogic’s latest Loan Performance Insight Report, the share of U.S. borrowers who were in some stage of delinquency (30 days or more past due, including those in foreclosure), was up 0.2% year-over-year from September, 2023. In addition they point out that Early-Stage Delinquencies (30 to 59 days past due) in September were 1.6%, up from 1.5% from one year ago. The foreclosure inventory rate (share of mortgages in some stage of the foreclosure process) was 0.3% in September, same as a year ago.
“Loan performance in the third quarter of 2024 showed a continual upward trend in mortgage delinquencies. Delinquencies remain low, particularly when compared with those during the Great Recession. However, 70% of metropolitan areas showed an increase in the overall delinquency rate from a year earlier, and more concerning, 30% of metropolitan areas showed an increase in the serious delinquency rate. As recently as the second quarter of 2024, only 5% of metros recorded an increase in serious delinquency rates. The increase in the serious delinquency rate shows that borrowers who enter the delinquency pipeline are having difficulty catching up on their late payments,” said Molly Boesel, senior principal economist for CoreLogic.
Click here to read the full report at CoreLogic.
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Written by: Brad Beckett