The percentage of mortgages in some stage of delinquency in March dipped to the lowest level in nearly a decade, according to CoreLogic’s Loan Performance Insights Report.
The report said 4.4 percent of mortgages nationwide were in delinquency (30 days or more past due) during March 2017, down 0.8 percent compared with March 2016.
The foreclosure inventory rate was 0.8 percent in March 2017, down slightly from March 2016, the report said. The serious delinquency rate (90 days or more past due) was 2.1 percent in March 2017, down from 2.7 percent in March 2016.
“Early-stage mortgage performance continues to improve at a steady pace, especially for 30-59-day delinquencies, which fell to 1.7 percent, the lowest rate for any month since January 2000,” CoreLogic Chief Economist Frank said in a release. “Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007.”
The report said the share of mortgages that transitioned from current to 30-days past due was 0.6 percent in March 2017, down from 0.7 percent in March 2016 and the lowest for any month since January 2000.
“Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains,” CoreLogic President and CEO Frank Martell said. “Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets.”