Loan Performance Insights – December 2024 

The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through December 2024. 

Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next. 

The report is published quarterly with coverage at the national, state, and Core Based Statistical Area (CBSA)/Metro level and includes transition rates between states of delinquency and separate breakouts for 120+ day delinquency. 

“National-level delinquency rates for December show strong performance from the mortgage market with 97% of borrowers making on-time payments. The rate is unchanged from a year earlier and a bit better than a month earlier. Drilling down to the metro level some promising trends emerged with the number of metropolitan areas showing increases in delinquencies falling from 80% in November to 36% in December. Strong mortgage performance reflects a strong economy and labor market.” 

-Molly Boesel 

Senior Principal Economist for CoreLogic 

30 Days or More Delinquent – National 

In December 2024, 3.1% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents no change in the overall delinquency rate compared with December 2023. 

National Delinquency Rate Holds Steady, Foreclosure Rates Decrease Too 

The nation’s overall mortgage delinquency rate held at 3.1% in December, hinting at the large number of metros and states that are seeing small reductions in mortgage delinquencies.  

Nationwide, 10 states logged year-over-year increases in delinquency rates, with Florida and South Carolina posting the biggest jumps in delinquency, rising 0.7 percentage points and 0.4 percentage points, respectively. The national foreclosure rate dropped slightly to 0.2%, which is one of the lowest points seen since 1999.  

While the rate of serious delinquencies is trending downward from its August 2020 high of 4.3%, there are still areas recording increases, particularly in the South. In December, the rate of serious delinquencies sat at 1%. Although 112 metropolitan areas saw a decrease in the rate of serious delinquencies, 144 metros saw increases. Five metropolitan areas showed notable increases in the serious delinquency rate. Asheville, North Carolina was up 3.0 percentage points; Tampa-St. Petersburg-Clearwater, Florida rose 2.0 percentage points; and Augusta-Richmond County, Georgia-South Carolina had a 1.9 percentage point increase. 

As home prices keep climbing in the U.S., many homeowners continue to acquire equity which can be used to help borrowers pay their bills in times of need. Although there are persistent pockets of serious delinquency, the 55% decrease in the number of metros recording delinquencies is a bright spot for homeowners and an indication of the strength of the U.S. economy and labor market. 

Loan Performance – National 

CoreLogic examines all stages of delinquency to more comprehensively monitor mortgage performance. 

The nation’s overall delinquency rate for December was 3.1%. The rate for early-stage delinquencies — defined as 30 to 59 days past due — was 1.6% in December 2024, which is consistent with December 2023. The share of mortgages 60 to 89 days past due was 0.5%, which is consistent with December 2023. The serious delinquency rate — defined as 90 days or more past due, including loans in foreclosure — was 1%, remaining unchanged from December 2023. 

As of December 2024, the foreclosure inventory rate was 0.2%, a decline from December 2023. 

Transition Rates – National 

CoreLogic examines all stages of delinquency as well as transition rates that indicate the percentage of mortgages moving from one stage of delinquency to the next. 

The share of mortgages that transitioned from current to 30-days past due was 0.8%, which is a decline from December 2023. 

Overall Delinquency – State 

In December 2024, 10 states posted year-over-year increases in overall delinquency rates, with most increases coming in at 0.2 percentage points or less from a year prior. Four states posted larger increases in delinquency rates: Florida (up 0.7 percentage points), South Carolina (up 0.4 percentage points), North Carolina (up 0.3 percentage points), and Georgia (up 0.3 percentage points).  

Serious Delinquency – Metropolitan Areas 

Serious delinquency is defined as 90 days or more past due including loans in foreclosure. 

• There were 144 metropolitan areas where the Serious Delinquency Rate increased. 
• There were 128 metropolitan areas where the Serious Delinquency Rate stayed the same. 
• There were 112 metropolitan areas where the Serious Delinquency Rate decreased.  

Methodology 

The data in this report represents foreclosure and delinquency activity reported through December 2024. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 75% coverage of U.S. foreclosure data. 

Source: CoreLogic 

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About CoreLogic 

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