Loan Performance Insights – May 2024

Introduction

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

“The U.S. delinquency rate increased from a year earlier in March, driven by an uptick in early-stage delinquencies. Further, the early-stage delinquency rate remained flat from February to March this year, while it typically falls between those months, as many borrowers receive income tax refunds in March. While monthly changes in the early-stage delinquency rate can be volatile, this break from the seasonal trend comes at a time when household budgets are strained by still-high inflation.”

-Molly Boesel

Principal Economist for CoreLogic

30 Days or More Delinquent – National

In March 2024, 2.8% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 0.2 percentage point change in the overall delinquency rate compared with March 2023.

Almost All States Post Annual Delinquency Rate Increases in March

The nation’s overall mortgage delinquency rate held at 2.8% in March for the third straight month but moved up slightly from the same time last year. Almost all states followed suit, posting annual gains between 0.7 percentage points and 0.1 percentage points. The national foreclosure rate stayed at 0.3% for the 25th straight month, a sign that mortgage performance remains strong despite the small annual delinquency gains. Also, a U.S. unemployment rate that remained below 4% in April should help most borrowers pay their bills on time in the coming months.

Loan Performance – National

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

The nation’s overall delinquency rate for March was 2.8%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.5% in  March 2024, up from March 2023. The share of mortgages 60 to 89 days past due was 0.4%, up from March 2023. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was  0.9%, down from 1.1% in March 2023.

As of March 2024, the foreclosure inventory rate was 0.3%, unchanged from March 2023.

Transition Rates – National

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 share of mortgages that transitioned from current to 30-days past due was 0.7%, up from March 2023.

Overall Delinquency – State

In March 2024, 48 states posted year-over-year increases in overall delinquency rates, while three states were unchanged. No state posted an annual decline

Serious Delinquency – Metropolitan Areas

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

There were six metropolitan areas where the Serious Delinquency Rate increased.

There were 39 metropolitan areas where the Serious Delinquency Rate stayed the same.

There were 349 metropolitan areas where the Serious Delinquency Rate decreased. 

Methodology

The data in this report represents foreclosure and delinquency activity reported through March 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

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, please visit https://www.corelogic.com/support/sales-contact/. 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.

CORELOGIC, the CoreLogic logo, CoreLogic LPI and CoreLogic LPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

©2024 CoreLogic, Inc. All rights reserved. The CoreLogic content and information in this blog post may not be reproduced or used in any form without express accreditation to CoreLogic as the source of the content. While all of the content and information in this blog post is believed to be accurate, the content and information is provided “as is” with no guarantee, representation, or warranty, express or implied, of any kind including but not limited to as to the merchantability, non-infringement of intellectual property rights, completeness, accuracy, applicability, or fitness, in connection with the content or information or the products referenced and assumes no responsibility or liability whatsoever for the content or information or the products referenced or any reliance thereon. CoreLogic® and the CoreLogic logo are the trademarks of CoreLogic, Inc. or its affiliates or subsidiaries.  Other trade names or trademarks referenced are the property of their respective owners.

Media Contact

CoreLogic[email protected]