Key Highlights

  • Nation’s delinquency rate 4.7% in April 2021
  • 49 states had annual decrease in delinquency rate

April 2021 Delinquency Rate Indicates Lowest Rate Since March 2020

CoreLogic’s latest Loan Performance Insights Report reflects the first annual decrease in the country’s delinquency rate since March 2020.  With a delinquency rate of 4.7% nationally, this 1.4%-point decrease in the delinquency rate from April 2020 indicates a big turning point in the country’s loan performance.

This turnaround has been enabled by the country’s income and employment recovery.  The result?  More homeowners can remain in their homes and/or return to their “current” mortgage payment status.

Delinquency Rates by Time Periods

Here’s an overview of April 2021’s delinquency rates by time increments:

  • Early stage delinquencies – 30 to 59 days past due – 1%
  • Mid-stage delinquencies – 60 to 89 days past due – 0.3%
  • Serious-stage delinquencies – 90+ days including loans in foreclosure – 3.3%

CoreLogic also noted there was a low transition rate from early stage to mid-state to serious-stage delinquencies of just 0.6% in April 2021.  Just compare this 0.6% transition rate in April 2021 to the peak high of 3.4% in April 2020…a definitely positive sign.  The bad news?  The transition rates for mortgages past due from 60 to 90 days went up from 33.0% in April 2020 to 40.5% in April 2021.

States with Highest/Lowest Rate of Mortgages at Least 30 Days Past Due

The national average of mortgages at least 30 days past due in April 2021 was 4.7%.  Compare the national average to these state highest and lowest rates:

  • Louisiana – 7.8%
  • New York – 7.1%
  • Mississippi – 7.1%
  • Maryland – 6.3%
  • New Jersey – 6.2%
  • Utah – 2.9%
  • Wisconsin – 2.8%
  • Montana – 2.8%
  • South Dakota – 2.6%
  • Idaho – 2.3%

Wyoming was the only state in the country that showed a small increase in its delinquency rate, just 0.1%.  Wyoming’s overall delinquency rate in April 2021 was 3.8%, a huge decrease from its pandemic peak of 4.9% in September 2020.

Percentage of Mortgages that At Least 30 Days Past Due for Ten Largest Metros

  • Miami – 7.6%
  • New York – 7.2%
  • Houston – 7.1%
  • Las Vegas – 6.9%
  • Chicago – 5.6%
  • Washington DC – 5.1%
  • Los Angeles – 4.4%
  • Boston – 3.85%
  • San Francisco – 2.9%
  • Denver – 2.9%

Miami’s rate of mortgages past due decreased 3.9% points from one year ago.  Metros with oil industry job losses saw the largest increases in mortgages past due…Odessa TX had an annual increase in its overall delinquency rate of +2.4 percentage points and Midland TX had an annual increase of +2.3 p3rcentage points.

 

Thanks to CoreLogic.



P.S. Limited Space Available. 235 Spots Left.