CoreLogic: Foreclosure Delinquencies, Inventories at 10-Year Low

CoreLogic, Irvine, Calif., reported 4.5 percent of all mortgages in some stage of delinquency in June, down by 0.8 percentage point from a year ago.

The company’s monthly Loan Performance Insights Report also said the foreclosure inventory rate fell to 0.7 percent, down from 0.9 percent a year ago and the lowest since July 2007. The rate for early-stage delinquencies (30-59 days past due) fell to 2.0 percent in June, down slightly from 2.1 percent a year ago. The share of mortgages 60-89 days past due in June fell to 0.6 percent, down slightly from 0.7 percent a year ago.

“The forecast for the coming year includes 5 percent home-price appreciation and further job growth, putting renewed downward pressure on mortgage delinquency rates,” said CoreLogic Chief Economist Frank Nothaft.

CoreLogic also reported the share of mortgages that transitioned from current to 30-days past due was 0.9 percent in June, unchanged from a year ago. 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.

The report said states with the highest delinquency rates were Mississippi, Louisiana, Alabama, New York and West Virginia; states with the lowest were Idaho, Minnesota, North Dakota, South Dakota, Colorado, Oregon and Washington.

Across the 100 most populous metro areas, the foreclosure rate varied from 0.1 percent in Denver to 2.2 percent in New York.