Foreclosure Rates Remain at Historic Lows
According to the latest CoreLogic Loan Performance Insights Report, in November 2021, 3.6% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This figure represents a 2.3-percentage point decrease in the overall delinquency rate compared with November 2020. CoreLogic says measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. Their monthly report coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes transition rates between states of delinquency and separate breakouts for 120+ day delinquency.
“Nonfarm employment rose 6.45 million during 2021, helping to rebuild income for families under financial stress during the pandemic. Income growth has helped to reduce past-due rates and home equity build-up has reduced the likelihood of a distressed sale for families that experience financial challenges. ” – Dr. Frank Nothaft Chief Economist for CoreLogic