Mortgage delinquencies dropped to their lowest level in more than 23 years during February 2022.
Overall Delinquency Rates Down to Just 3.2%
The overall rate of mortgage delinquencies (30 days or more past due including those in foreclosure) in the US fell to 3.2% in February, the lowest rate of delinquency since at least January 1999, according to the latest CoreLogic Loan Performance Insights Report.
Every state and metro area in the US posted a year-over-year decline in delinquencies.
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Take a look at the breakdown is various delinquency categories:
- Early stage – 30 to 59 days past due – 1.3% in February 2022, down from 1.5% in February 2021
- Mid stage – 60 to 89 days past due – 0.3% in February 2022, down from 0.5% in February 2021
- Late stage or serious delinquency rate – 90 days or more past due (including loans in foreclosure) – 1.6% in February 2022, down from 3.7% in February 2021
Dr. Frank Nothaft, Chief Economist with CoreLogic, said, “One-half of the borrowers who are seriously delinquent are behind on their payments by six or more months. Even though this group has been declining, the number (of borrowers) that have missed at least six monthly payments is still double what it was in the months immediately prior to the pandemic.”
States with Highest & Lowest Rates of Mortgages that 30 Days Past Due
- Louisiana – 5.8%
- Mississippi – 5.4%
- New York – 4.7%
- West Virginia – 4.6%
- Alabama – 4.3%
- National – 3.2%***
- Wisconsin – 1.9%
- South Dakota – 1.9%
- Colorado – 1.9%
- Washington – 1.8%
- Idaho – 1.6%
States with the largest declines in delinquency rates included Nevada (-3.9%), Hawaii and Louisiana (both down -3.7%) and New Jersey (down -3.6%).
Percentage of 30 Day Past Due Mortgages in 10 Largest Metro Areas
- Houston – 4.4%
- Miami – 4.3%
- New York – 4.3%
- Chicago 3.5%
- Las Vegas – 3.2%
- Washington DC – 3.1%
- Boston – 2.4%
- Los Angeles – 2.3%
- Denver – 1.8%
- San Francisco – 1.7%
Elevated Delinquency Rates Remain in Smaller Metros
- Pine Bluff AR – 9.2%
- Vineland-Bridgeton NJ – 8.3%
- Odessa TX – 8.1%
Home Price Growth Expected to Cool
CoreLogic is expecting home price growth to cool from nearly +21% since March 2021 to approximately +6% by March 2023.
If national home price appreciation does in fact cool, equity gains for some homeowners around the country may also cool. Less equity gains could mean less protection from mortgage defaults for those who fall behind on their payments.
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Thanks to CoreLogic.