Delinquencies and Foreclosures at 10-Year Lows

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Posted To: MND NewsWire

According to CoreLogic, loan performance continues to improve on a national basis, with delinquencies dropping more than 1 percentage point over the 12 months ended in November 2018. Frank Nothaft, CoreLogic’s Chief Economist, said the decline was driven by solid income growth, a record amount of home equity and an absence of high-risk loan products. “This put the U.S. homeowner on solid ground. All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down ,” he said. In November 2018 4.1 percent of outstanding mortgages nationwide were 30 or more days past due, including those in foreclosure. The previous November the percentage was 5.2 percent. Rates of longer-term delinquencies also…(read more)

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