Delinquency rates 30 days or more past due decline but approximately one million homeowners remain at least six months behind on payments
IRVINE, Calif., October 12, 2021—CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for July 2021.
For the month of July, 4.2% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.3-percentage point decrease in delinquency compared to July 2020, when it was 6.5%. While overall delinquencies remain above the February 2020, pre-pandemic rate of 3.6%, this is the lowest rate since last March.
To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In July 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:
- Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.5% in July 2020.
- Adverse Delinquency (60 to 89 days past due): 0.3%, down from 1% in July 2020.
- Serious Delinquency (90 days or more past due, including loans in foreclosure): 2.8%, down from 4.1% in July 2020. While still high, this is the lowest serious delinquency rate since May 2020.
- Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in July 2020. This is the lowest foreclosure rate recorded since CoreLogic began recording data (1999).
- Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.8% in July 2020.
While we continue to see serious delinquencies improve, approximately one million people nationwide have been unable to make payments for at least half a year...
