The percentage of mortgages delinquent by 30 days or more decreased slightly during February, according to CoreLogic’s Loan Performance Insights Report.
The report found 5 percent of mortgages nationwide were delinquent by 30 days or more in February 2017, a 0.5 percent decline compared with February 2016’s delinquency rate.
The foreclosure inventory rate for February dropped slightly to 0.8 percent, and the serious delinquency rate (90 days or more past due) dropped less than 1 percent to 2.2 percent, the report said.
“Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007,” CoreLogic Chief Economist Frank Nothaft said in a release.
“Moreover, the past-due share dropped to 5 percent, the lowest since September 2007. However, current-to-30-day past-due transition rates ticked up in February, and 30-day-to-60 day delinquency rates held mostly steady, recording only a 0.06 percent increase.”
CoreLogic CEO Frank Martell said serious delinquency rates remained relatively high in some states, led by New Jersey (4.8 percent) and New York (4.6 percent)
“February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market,” Martell said.
Besides New Jersey and New York, the other states with the highest serious delinquency rates in February were Louisiana (3.9 percent); Mississippi (3.5 percent); Maine (3.4 percent); Delaware (3.1 percent); Connecticut (3 percent); Florida (3 percent) and Maryland (3 percent).