Corelogic is reporting that mortgage delinquencies in March fell to the lowest level since 2007. Corelogic, a property information analytics and data-enabled solutions provider headquartered in Irvine, California is reporting that mortgages that are in some stage of delinquencies, including those 30 days or more past due to those in foreclosure, dropped from last year’s 5.2% to 4.4% in March, the lowest rate in 10 years..
As of March 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1 percent in March 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.1 percent, down from 2.7 percent in March 2016.
Of significance is that Corelogic looked at early-stage delinquencies which is defined as 30 to 59 days past due. The report indicated that early-stage delinquencies have dropped to 1.7% in March. This is down from 1.9% last year.
“Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains,” said Frank Martell, president and CEO of CoreLogic. “Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets.”