October 10, 2018
Irvine, CA-based CoreLogic’s monthly Loan Performance Insights Report reveals that 4.1% of mortgages nationally were in some stage of delinquency in July 2018, representing a 0.6 percentage point decline in the overall delinquency rate compared with July 2017, when it was 4.7%. As of July 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.5%, down 0.2 percentage points from 0.7% in July 2017, and the lowest for a July since 2006.
CoreLogic chief economist Dr. Frank Nothaft says, “With the national unemployment rate remaining below 4% since July, further declines in U.S. delinquency rates are likely in coming months. The exception will be in local areas impacted by natural hazards or a rise in unemployment.”
While no state posted year-over-year increases in their 30-plus-day delinquency in July 2018, several metropolitan areas in Florida and Texas recorded month-over-month increases. This indicates properties in North Carolina, South Carolina and Virginia that recently experienced damage from Hurricane Florence may be at risk for early-stage delinquency.
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