Key Highlights

  • According to CoreLogic, country’s delinquency rate hit 6.1% in October 2020
  • Rate of 6.1% is two-point spread from 4.1% in October 2019
  • Big change is in “serious delinquency rate” being more than three-times higher than in October 2019

CoreLogic’s just released Loan Performance Insights Report indicated that in October 2020, the overall delinquency rate of home mortgages in the US was 6.1%. This delinquency rate of 6.1% in October 2020 is close to September 2020’s delinquency rate BUT it is substantially higher than October 2019’s delinquency rate.

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Let’s quickly review the three stages of mortgage delinquency rates for clarity. First stage or early-stage delinquency represents mortgages that are 30 – 59 days past due. Early-stage delinquencies hit 1.4% in October 2020. Mid-stage delinquencies are mortgages that are 60 – 89 days past due. These mid-stage delinquencies hit just 0.6% in October 2020, unchanged from last year. Serious-stage delinquencies represent mortgages delinquencies that are defined as 90 or more days past due including loans that are in foreclosure.

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Serious-stage delinquencies, mortgage payments that are 90+ days past due hit 4.1% in October 2020, are of most concern. Serious-stage delinquencies increased more than three times in October 2020 compared with the serious-stage delinquency rate during October 2019. This increase is a huge red flag…a red flag that indicates the severity of the COVID pandemic and its financial/economic impacts on homeowners.

States with the highest and lowest rates of delinquent mortgages in October 2020 included:

  • Louisiana – 10%
  • Mississippi – 9%
  • New York – 8.5%
  • New Jersey – 8.2%
  • Maryland – 8.0%
  • National – 6.1%
  • Utah – 3.9%
  • Wisconsin – 3.8%
  • Montana – 3.8%
  • South Dakota – 3.7%
  • Idaho – 3.2%

It’s quite notable that ALL states had annual gains in their respective delinquency rates in October 2020. States with the largest annual increases were Hawaii (+4.7%) and Nevada (+4.6)).

Largest Metros with the Highest Rates of Mortgage Delinquencies in October 2020 included:

  • Miami – 10.4%
  • New York – 9.6%
  • Houston – 8.3%
  • Las Vegas – 8.3%
  • Chicago – 7.7%
  • Washington – 6.8%
  • Los Angeles – 5.9%
  • Boston – 4.8%
  • Denver – 4.1%
  • San Francisco – 3.8%

Other metros experiencing increases in overall delinquency rates included Odessa TX, Kahului HI and Midland TX.

Thanks to CoreLogic.

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