Mortgage delinquencies fall in April: CoreLogic
The rate of mortgages in some stage of delinquency was 4.8% in April 2017, a 50-basis-point decrease compared to a year ago, according to CoreLogic. The foreclosure rate also decreased 30 basis points, to 0.7%.
"Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases," said Frank Nothaft, chief economist at CoreLogic, in a press release.
"Regionally, with the exception of several energy-industry-intensive states — Alaska and North Dakota — the rest of the U.S. continues to see improvements in mortgage performance. While overall performance is improving, it reflects the older legacy pipeline of loans that continue to heal, especially in judicial states which typically take longer to clear out."
Early-stage delinquencies, defined as 30-59 days past due, increased 20 basis points in April; the serious delinquency rate, describing loans 90 days or more past due, was down 60 basis points over the prior year. Mortgages that were 60-89 days past due decreased slightly, from 0.64% to 0.63%.
Delinquency rates will likely continue to fall for some time, but at a moderating pace, said CoreLogic President and CEO Frank Martell.
"As we look forward, improved fundamentals provide us with a firm foundation and we must now increase our attention to carefully expand the supply of affordable housing stock and ensure that mortgage lending policies help to prudently promote first-time homeownership," Martell said in a press release.
North Dakota had the lowest serious delinquency rate in the nation, at 0.8%, while New Jersey had the highest, at 6.4%.