Mortgage Performance: Loan Performance Insights Highlights Through January 2017

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Current-to 30-Day Transition Rate at 15-Year Low

  • New monthly report emphasizes early distress signs
  • Delinquency rates fell in January 2017 compared with a year ago
  • North Dakota had the lowest mortgage delinquency rate

In January 2017, 5.3 percent of home mortgages were in some stage of delinquency, down from 6.4 percent a year earlier, according to the latest CoreLogic Loan Performance Insights Report. The measure includes all home loans 30 days or more past due, including those in foreclosure.

 The share of mortgages that were 30- to 59-days past due – considered “early-stage” delinquencies – fell to 2.1 percent in January 2017 from 2.4 percent in January 2016. While the share of mortgages 60 to 89 days past due was 0.7 percent in January 2017, down from 0.8 percent in January 2016.

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In addition to delinquency rates, CoreLogic tracks the rate at which mortgages transition from one stage of delinquency to the next, such as going from being current to 30 days past due. Figure 1 shows that the current- to 30-day transition rate is at a 15-year low. The January 2017 current- to 30-day rate was 0.9 percent, down from 1.2 percent in January 2016. The 30- to 60-day transition rate was 15.3 percent in January 2017, down from 18.5 percent in January 2016, while the 60- to 90-day transition rate was 26.7 percent this January, down from 29.9 percent a year earlier.

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Figure 2 shows the states with the highest and lowest rate of mortgages in some stage of delinquency. In January 2017 that rate was highest in Mississippi – 9.4 percent — and North Dakota had the lowest rate at 2.1 percent. Figure 3 shows the 30-days-or-more past-due rate for the 10 largest metro areas[1]. That rate was highest – 9 percent – in Miami and lowest – 1.3 percent – in San Francisco.

[1] Metro areas used in this report are the ten most populous Core Based Statistical Areas. Metropolitan Statistical Areas and Metropolitan Divisions are used.

© 2017 CoreLogic, Inc. All rights reserved.


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