IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic® (NYSE: CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its monthly Loan
Performance Insights Report which shows that, nationally, 4.5
percent of mortgages were in some stage of delinquency (30 days or more
past due including those in foreclosure) in June 2017. This represents a
0.8 percentage point decline in the overall delinquency rate compared
with June 2016 when it was 5.3 percent.
As of June 2017, the foreclosure inventory rate, which measures the
share of mortgages in some stage of the foreclosure process, was 0.7
percent, down from 0.9 percent in June 2016 and the lowest since the
rate was also 0.7 percent in July 2007.
Measuring early-stage delinquency rates is important for analyzing the
health of the mortgage market. To monitor mortgage performance
comprehensively, CoreLogic examines all stages of delinquency as well as
transition rates, which indicate the percentage of mortgages moving from
one stage of delinquency to the next.
The rate for early-stage delinquencies, defined as 30-59 days past due,
was 2.0 percent in June 2017, down slightly from 2.1 percent in June
2016. The share of mortgages that were 60-89 days past due in June 2017
was 0.6 percent, also down slightly from 0.7 percent in June 2016.
“The CoreLogic Home Price Index increased 6 percent and payroll
employment grew by 2.2 million jobs in the year ending June 2017,
supporting further declines in delinquency rates,” said Dr. Frank
Nothaft, chief economist for CoreLogic. “The forecast for the coming
year includes 5 percent home-price appreciation and further job growth,
putting renewed downward pressure on mortgage delinquency rates.”
Since early-stage delinquencies can be volatile, CoreLogic also analyzes
transition rates. The share of mortgages that transitioned from current
to 30-days past due was 0.9 percent in June 2017, unchanged from June
2016. By comparison, in January 2007, just before the start of the
financial crisis, the current-to-30-day transition rate was 1.2 percent
and peaked in November 2008 at 2 percent.
“After peaking at 3.6 percent in December 2010, June’s 0.7 percent
foreclosure rate was the lowest in 10 years,” said Frank Martell,
president and CEO of CoreLogic. “Across the 100 most populous metro
areas, the foreclosure rate varied from 0.1 percent in
Denver-Aurora-Lakewood to 2.2 percent in New York-Newark-Jersey City.”
For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog.
The data in this report represents foreclosure and delinquency activity
reported through June 2017.
The data in this report accounts for only first liens against a property
and does not include secondary liens. The delinquency, transition and
foreclosure rates are measured only against homes that have an
outstanding mortgage. Homes without mortgage liens are not typically
subject to foreclosure and are, therefore, excluded from the analysis.
Approximately one-third of homes nationally are owned outright and do
not have a mortgage. CoreLogic has approximately 85 percent coverage of
U.S. foreclosure data.
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re-sold, republished or licensed to any other source, including
publications and sources owned by the primary recipient’s parent company
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compiled from public records, contributory databases and proprietary
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CoreLogic (NYSE: CLGX) is a leading global property information,
analytics and data-enabled solutions provider. The company’s combined
data from public, contributory and proprietary sources includes over 4.5
billion records spanning more than 50 years, providing detailed coverage
of property, mortgages and other encumbrances, consumer credit, tenancy,
location, hazard risk and related performance information. The markets
CoreLogic serves include real estate and mortgage finance, insurance,
capital markets, and the public sector. CoreLogic delivers value to
clients through unique data, analytics, workflow technology, advisory
and managed services. Clients rely on CoreLogic to help identify and
manage growth opportunities, improve performance and mitigate risk.
Headquartered in Irvine, Calif., CoreLogic operates in North America,
Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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