Introduction
The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through November 2022.
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 monthly 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.
“Most homeowners are well positioned to weather a shallow recession. More than a decade of home price increases has given homeowners record amounts of equity, which protects them from foreclosure should they fall behind on their mortgage payments.”
-Molly Boesel
Principal Economist for CoreLogic
30 Days or More Delinquent – National
In November 2022, 2.9% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 0.7 percentage point decrease in the overall delinquency rate compared with November 2021.
Mortgage Delinquency and Foreclosure Rates Remain Near Historic Lows
Overall mortgage delinquency and foreclosure rates remained near record lows in November 2022, 2.9% and 0.3%, respectively. While national mortgage delinquencies declined for the 20th straight month on an annual basis, 18 U.S. metro areas saw at least slight increases in late borrower payments, up from six in October and one in September. Despite that uptick and slowing home price growth in recent months, most owners are in good shape due to healthy amounts of equity. CoreLogic’s latest Home Equity Report shows that U.S. homeowners with a mortgage saw their equity increase by 15.8% year over year in the third quarter of 2022, for an average gain of $34,300 per borrower.
Loan Performance – National
CoreLogic examines all stages of delinquency to more comprehensively monitor mortgage performance.
The nation’s overall delinquency rate for November was 2.9%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.4% in November 2022, up slightly from November 2021. The share of mortgages 60 to 89 days past due was 0.4%, also up from November 2021. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.2% down from 2% in November 2021.
As of November 2022, the foreclosure inventory rate was 0.3%, up slightly from November 2021 but still near an all-time low.
Transition Rates – National
Overall Delinquency – State
Overall delinquency is defined as 30 days or more past due including loans in foreclosure.
In November 2022, all states logged year-over-year declines in their overall delinquency rates. The states and districts with the largest declines were Louisiana (1.9 percentage points) Alaska (1.6 percentage points) and the District of Columbia and Hawaii ( both 1.3 percentage points).
Serious Delinquency – Metropolitan Areas
There was one metropolitan area where the Serious Delinquency Rate increased.
There were 383 metropolitan areas where the Serious Delinquency Rate decreased.
Summary
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.
For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights.
Methodology
The data in this report represents foreclosure and delinquency activity reported through November 2022. 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
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at [email protected]. For sales inquiries, contact [email protected]. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
About CoreLogic
CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.
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Media Contact
Robin Wachner
CoreLogic
[email protected]
