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Mortgage delinquencies tick down in February


Mortgage delinquencies continued to trend down in February on a nationwide basis, but regions affected by last year’s hurricanes have seen an uptick, CoreLogic reported.

Higher delinquencies are showing up in portions of Texas, the gulf region and Puerto Rico, the company said.

“Last year’s hurricanes continue to have an effect on loan performance in affected markets, showing up in statewide data,” said Frank Nothaft, chief economist for CoreLogic. “Serious delinquency rates in February were 50 percent higher than in August 2017 in Texas, and nearly double in Florida, even though the wind and flood damage was primarily in coastal markets,” Nothaft said.

Nothaft said hard-hit Puerto Rico was seeing a five-fold increase in delinquencies over the August-to-February period.

Nationally, 4.8 percent of all mortgages were in some stage of foreclosure, down 20 basis points year over year.

The serious delinquency rate, which includes loans 90 days past due and also loans in foreclosure, stood at 2.1 percent, the lowest rate for the month since February 2007.

The foreclosure inventory rate, which measures the share of mortgages in the foreclosure process, was 0.6 percent. That rate has remained stable since August at the lowest level since June 2007. 


 

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