The overall delinquency rate in December 2021 was 3.4%.
Mortgage Delinquency Rate in December 2021 Decreased -2.4% to 3.4%
The latest CoreLogic Loan Performance Insights Report indicated that 3.4% of home mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure), a drop of -2.4% y/y from December 2020.
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This is the lowest overall mortgage delinquency rate since January 1999.
Overall Delinquency Rates
- Early-stage delinquencies – 30-59 days overdue – 1.2% in December 2021, down from 1.4% in December 2020
- Mid-stage delinquencies – 60-89 days overdue – 0.3% in December 2021, down from 0.5% in December 2020
- Serious delinquencies – 90 days or more past due – 1.9% in December 2021, down from 3.9% in December 2020
The share of mortgages in some stage of foreclosure was 0.2% in December 2021, a 23-year low. The share of borrowers behind on payments by six months or more was 1.3% in December 2021, roughly 40% of the overall delinquency rate.
States with Highest Rate of Mortgages Past Due by 30+ Days
Nationally, the average rate of mortgage past due by 30 days or more was 3.4%. The states listing below had the highest rates of past-due mortgages:
- Louisiana – 6.7%
- Mississippi – 5.9%
- New York – 5.1%
- West Virginia – 4.7%
- Alabama 4.5%
States with Lowest Rate of Mortgages Past Due by 30+ Days
- Wisconsin – 2.0%
- Utah – 1.9%
- South Dakota – 1.9%
- Montana – 1.9%
- Idaho – 1.7%
Percentages of Mortgages Past Due by 30+ Days for 10 Largest Metros
- New York – 4.8%
- Houston – 4.7%
- Miami – 4.6%
- Chicago – 3.8%
- Las Vegas – 3.7%
- Washington DC – 3.3%
- Los Angeles – 2.5%
- Boston – 2.5%
- Denver – 1.9%
- San Francisco – 1.7%
Notably, Miami’s mortgage delinquency rate dropped from 4.9% in December 2020 to 4.6% in December 2021.
Elevated Delinquency Rates Remained in Some Metros
- Houma-Thibodaux LA – 9.6%
- Pine Bluff AK – 9.4%
- Odessa TX – 8.9%
- Vineland-Bridgeton NJ – 8.7%
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Thanks to CoreLogic.
