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.

Are you ready to join EXP REALTY? Choose Tim and Julie Harris as your sponsor! Text Tim directly 512-758-0206.

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.

Get your free 2021 Fill In The Blank Business Plan Now. Simply TEXT 2021 to 855-685-1045.

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.

URGENT: 2021 Results Released. New FREE On-Line Web Event Reveals 17 Surprising Secrets Of The Top 100 Millionaire Agents. Get Your FREE Spot For The On-Line Webinar Now. When You Attend This Event You Will Have A Sense Of Relief Knowing You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money NOW Who Never Thought They Could.

YES, I Want To Attend The FREE Webinar! <——Click To Register
P.S. Free Webinar, Limited Space. Less Than 300 Spots Still Available.