The CoreLogic Loan Performance Insights report provides an interactive view of mortgage performance analysis through April 2022.
Measuring early-stage delinquency rates is important in analyzing the health of the mortgage market. To monitor mortgage performance more comprehensively, CoreLogic looks at all stages of delinquency and transition rates, which indicate the percentage of mortgages that transition from one stage of delinquency to the next.
Published monthly, this report covers country, state and core-based statistical area (CBSA)/metro levels and includes inter-state transition rates in delinquency and a separate breakdown of delinquency over 120 days.
“U.S. foreclosure rates rose slightly in spring 2022 after reaching historic lows in late 2021. The moratoriums and leniency that helped protect homeowners from foreclosures have expired for many borrowers. “But the continued strong employment numbers and massive stocks should keep foreclosures going. Interest rates will remain low.”
In April 2022, 2.9% of mortgages were at least 30 days past due, including those under foreclosure. This represents a 1.8 percentage point reduction in the overall delinquency rate compared to April 2021.
Foreclosure rates remain at historically low levels
Double-digit annual home price gains over the past year continued to boost first-quarter equity earnings, holding April’s overall U.S. mortgage delinquency and foreclosure rates near record lows. It dripped. Delinquency and foreclosure numbers were unchanged from his March 2022 and April of last year, but both he rose slightly from late 2021. This small change in foreclosure numbers reflects in part that lenders have ended grace periods for highly delinquent borrowers rather than the overall health of the relatively solid housing. market.
Loan Performance – Nationwide
CoreLogic looks at all stages of delinquency to monitor mortgage performance more comprehensively.
The national delinquency rate in April was 2.9%. The early-stage delinquency rate (defined as 30 to 59 days delinquent) in April 2022 was 1.2%, up from April 2021. The percentage of mortgages that are 60-89 days past due is 0.3%, unchanged from April 2021. The delinquency rate (defined as 90 days or more delinquent, including loans under foreclosure) was 1.4%, down from 3.3% in April 2021.
As of April 2022, the foreclosure rate is 0.3%, unchanged from April 2021.
Migration Rate – Nationwide
CoreLogic looks at all stages of delinquency and transition rates, which indicate the percentage of mortgages that transition from one stage of delinquency to the next.
The percentage of mortgages that have moved from current to 30 days past due was 0.7%, up from April 2021.
Overall Delinquency – State
Overall delinquency is defined as 30 days or more in arrears, including those under foreclosure.
In April 2022, all states saw year-on-year decreases in overall delinquency rates. The states with the largest declines were Nevada (down 3.2 points), Hawaii (down 3 points) and New Jersey (down 2.7 points).
Serious Delinquency – Metropolitan Areas
Serious delinquency is defined as being 90 days or more past due, including loans under foreclosure.
there were number Metropolitan areas with high serious delinquency rates Increased.
there were 384 Metropolitan areas with high serious delinquency rates Decreased.
Overview
Measuring early-stage delinquency rates is important in analyzing the health of the mortgage market. To monitor mortgage performance more comprehensively, CoreLogic looks at all stages of delinquency and transition rates, which indicate the percentage of mortgages that transition from one stage of delinquency to the next.
For ongoing housing trends and data, visit the CoreLogic Insights blog at www.corelogic.com/insights.
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methodology
Data in the CoreLogic Loan Performance Insights report represents reported foreclosure and delinquency activity through April 2022. Delinquency, transfer, and foreclosure rates are measured only for homes with outstanding mortgages. Unencumbered homes are excluded from the analysis as they are not subject to foreclosure. About a third of all homes nationwide are fully owned and have no mortgage. CoreLogic covers approximately 75% of US foreclosure data.
Source: Core Logic
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About core logic
CoreLogic is the world’s leading real estate information, analytics and data-enabled solutions provider. The company’s combined data from public, contributed, and proprietary sources includes more than 4.5 billion records spanning more than 50 years, covering property, mortgages, other obligations, consumer credit, tenants, locations, Detailed coverage of hazard risk and related performance information. Markets served by CoreLogic include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through proprietary data, analytics, workflow technology, advisory and managed services. Clients use Core Logic to help identify and manage growth opportunities, improve performance and reduce risk. Headquartered in Irvine, Calif., CoreLogic has operations in North America, Western Europe, and Asia Pacific. For more information, please visit www.corelogic.com.
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contact
For more information, please email Robin Wachner at [email protected]