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Loan delinquencies hit 11-year low


The overall loan delinquency rate fell to the lowest level in 11 years in March despite an uptick in seriously delinquent properties in hurricane-affected states, CoreLogic reported.

The delinquency rate was 4.3 percent, down 10 basis points from a year earlier and the lowest rate since March 2007.

The foreclosure inventory rate – or the share of mortgages in some stage of the foreclosure process – was at 60 basis points in March, down 20 basis points from a year earlier, CoreLogic reported. The foreclosure rate is back to the pre-crisis level.

Serious delinquencies have ticked up in Florida and Texas, states affected by hurricanes Irma and Harvey, however.

Florida had the third-highest loan delinquency rate at 7.2 percent in March, which was up by 2 percent points from a year earlier, CoreLogic said. The rate in Texas has climbed 50 basis points in a year to 5.3 percent.

“As we enter the summer, the risk of hurricane and wildfire damage to homes increases as does the risk of damage-related loan default,” said Frank Martell, CoreLogic’s chief executive officer, in a report.

“Serious delinquency rates are more than double what they were before last autumn’s hurricanes in Houston, Texas, and Naples, Florida,” he added. “The serious delinquency rates have also quadrupled in Puerto Rico.” 


 

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