Irvine, CA–(business wire) — CoreLogic, a leading global provider of real estate information, analytics and data-enabled solutions, today released its May 2022 Monthly Loan Performance Insights Report.
As of May, 2.7% of all US mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), a 2 percentage point increase compared to 4.7% in May 2021 Decreased.
To get a complete picture of the health of the mortgage market and loan performance, CoreLogic looks at all stages of delinquency. Here are the May 2022 U.S. delinquency and transition rates and their year-over-year changes:
- Early stage arrears (30 to 59 days past due): 1.1%, down from 1.2% in May 2021.
- prejudicial delinquency (60-89 days past due): 0.3%, unchanged from May 2021.
- serious misconduct (90+ days past due, including loans in foreclosure): 1.3%, down from 3.2% in May 2021 and down from a high of 4.3% in August 2020.
- Seized inventory rate (percentage of mortgages at some stage of the foreclosure process): 0.3%, unchanged from May 2021.
- migration rate (% of mortgages moved from current to 30 days delinquent): 0.6%, down from 0.7% in May 2021.
Mortgage delinquency rates across the United States have fallen in 14 years.th Nationwide foreclosure rates were flat year-on-year and month-on-month, but rose slightly month-on-month in March of this year. However, it also remains at historically low levels. As in previous months, rising home prices and the resulting stock build-up kept the foreclosure rate low in May, and this spring he was over 20% year-over-year.
“Early state mortgage delinquency rates are at generationally low levels, supported by a strong labor market,” said Molly Vosel, chief economist at CoreLogic. Foreclosure rates remain low, but about half of serious delinquencies are due to mortgages that are six months or more past due. It suggests that it is possible to
State and Subway Essentials:
In May, all states saw year-over-year declines in overall delinquency rates. The states with the largest declines were Nevada (down 3.2 points), New York, New Jersey and Hawaii (all down 3.1 points). The rest of the states, including the District of Columbia, have seen annual delinquency rates drop between 3% and 0.9%.
All U.S. metropolitan areas saw overall delinquency rates down, including Odessa, Texas (down 5.6 percentage points), Kahului-Wailuku-Lahaina, Hawaii (down 5.1 percentage points), and Laredo, Texas (down 4.8 percentage points) decreased at least slightly over the year. Shows the largest reduction.
The next CoreLogic Loan Performance Insights Report will be released on September 13, 2022 with data for June 2022. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog at www.corelogic.com/intelligence.
CoreLogic LPI report data represents reported foreclosure and delinquency activity through May 2022. The data in this report only account for first mortgages on properties and do not include secondary mortgages. 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. CoreLogic covers approximately 75% of US foreclosure data.
Source: Core Logic
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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 over 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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