Monthly rates of mortgage delinquency declined nationally in January compared to January 2016, the analytical firm of CoreLogic reported today. Its figures put the percentage of mortgages delinquent 30 days or more at 5.3 percent – compared to 6.4 percent in January 2016.
The California rate was 3.1 percent, down from 3.9 percent in January of 2016.
Another yardstick, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1.1 percent in January 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.5 percent, down from 3.2 percent in January 2016.
“The 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is at a 10-year low and rapidly declining,” said Frank Martell, president and CEO of CoreLogic. “While late-stage delinquencies remain in the pipeline in selected markets, early-stage delinquency performance is stellar and the lowest it’s been in two decades. The continued improvement in mortgage performance bodes well for the health of the market in 2017.”