As the impact from last year's turbulent hurricane season fades, mortgage delinquencies once again began to decline in November, according to the latest Loan Performance Insights Report from CoreLogic, a property information, analytics and data-enabled solutions provider.
During November, about 5.1% of all U.S. mortgages were in some stage of delinquency, or 30 days or more past due including those in foreclosure, the report showed.
This represents a decrease of 0.1 percentage point from the year before, when the delinquency rate was 5.2%.
“Serious delinquency rates are up sharply in Texas and Florida compared with a year ago, while lower in all other states except Alaska.” “In Puerto Rico, the serious delinquency rate jumped to 6.3% in November, up 2.7 percentage points compared with a year before,” Nothaft said.
“In the Miami metropolitan area, serious delinquency was up more than one-third from one year earlier to 5.1%, and it more than doubled to 4.6% in the Houston area.” The rate of foreclosure inventory, which measures the share of mortgages in some stage of the foreclosure process, also decreased to 0.6% in November, falling 0.2 percentage points from 0.8% in November 2016.
This rate of 0.6%, which, aside from the bump after the hurricanes, held steady since August 2017, and is the lowest level since June 2007.
Early stage delinquencies, or those that are 30 to 59 days past due, decreased 0.1 percentage points to 2.2% in November.
The serious delinquency rate, or loans that are 90 days or more past due, also decreased, rising 1.9% from October to 2% in November.
“In many of the harder-hit regions, such as the Houston and Miami metropolitan areas, housing stock availability has taken a hit as many homes were damaged and are no longer habitable.
The number of underwater homes shrank in the fourth quarter of 2017, despite the turbulent hurricane season, according to the 2017 U.S.