Mortgage delinquencies continue to trend down in Triad | Local


The percentage of homeowners in the Winston-Salem area who are behind on their mortgage payments fell during May, state-owned real estate research firm CoreLogic reported Tuesday.

This report focuses on the delinquent mortgage market, where ‘delinquent’ is defined as being at least 30 days past due in payment.

The Winston-Salem area delinquency rate was 3% in April, compared to 3.5% in April 2021 and 5% in May. The metropolitan area consists of Davidson, Davie, Forsyth, Stokes and Yadkin counties.

Still, it has the highest delinquency rate among the state’s five metropolitan areas.

The most recent high for the Winston-Salem area was 7.3% in January 2016.

The delinquency rate for mortgage payments 90 days or more past due was 1.4%, compared to 1.6% in April 2021 and 3.2% in May.

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Both figures include homes in the foreclosure pipeline.

By comparison, for the Greensboro-High Point MSA, the 30-day delinquency rate is 2.90%, compared to 3.4% in April 2021 and 5.3% in May 2021.

The 90-day delinquency rate was 1.3%, down from 1.5% in April 2021 and 3.4% in May 2021.

Winston-Salem Area Real Estate Association officials warn that information about delinquent and/or underwater loans can undermine consumer confidence and affect the real estate market.

For the Charlotte-Gastonia-Concord Hill MSA, the 30-day delinquency rate was 2.4%, compared with 2.6% in April and 4.3% a year ago.

The 90-day delinquency rate was 1.1%, down from 1.2% in April and 2.8% a year ago.

For the Durham-Chapel Hill MSA, the 30-day delinquency rate was 2.1%, compared with 2.2% in April and 3.6% a year ago.

The 90-day delinquency rate was 0.9%, down from 1.1% in April and 2.4% a year ago.

The Raleigh-Cary MSA’s 30-day delinquency rate was 1.7%, compared to 1.9% in April and 3.4% a year ago.

The 90-day delinquency rate was 0.7%, down from 0.9% in April and 2.3% a year ago.

“Early-stage mortgage delinquency rates are at generational lows, supported by a strong labor market,” said Molly Vosel, chief economist at CoreLogic.

“Although foreclosure rates remain low, about half of serious delinquencies are due to mortgages that are six months or more past due. suggesting.”

Gov. Roy Cooper signed an executive order at the start of the COVID-19 pandemic in March 2020 telling banks, credit unions and other lenders not to “charge customers overdraft fees, late fees and other penalties.” I urged you to

The statewide eviction moratorium expired on June 30, 2021.

Until recently, most of the foreclosures in 2020 and 2021 were associated with vacant or abandoned properties.

“The moratoriums and leniency that helped protect homeowners from foreclosure are expiring for many borrowers,” Boesel said.

“However, continued strong employment numbers and large stocks should keep foreclosure rates low going forward.”



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