The number of mortgage delinquencies dropped to their lowest level in more than a decade, according to CoreLogic. In the month of September, 5% of mortgages remained in some stage of delinquency, 30 days or more past due including those in foreclosure. This is a decrease of 0.2 percentage points from last year’s overall delinquency rate of 5.2%.
“September’s early-stage delinquency rate increased by 0.3% from a year ago, the largest increase since June 2009,” CoreLogic Chief Economist Frank Nothaft said. “This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico.”
The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, decreased from 0.8% in September 2016 to 0.6% in September 2017. This represents the lowest foreclosure rate since June 2007 when foreclosure inventory was also at 0.6%.
The serious delinquency rate, mortgages that are 90 days or more past due, decreased 0.4 percentage points from last year to 1.9% in September. This rate marks the lowest level for any month since October 2007’s 1.9%.
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