Both the foreclosure inventory rate and the serious delinquency rate dipped to their lowest levels in nearly a decade in June, according to CoreLogic’s Loan Performance Insights Report.
According to the report, 4.5 percent of mortgages were 30 days or more past due in June, down 0.8 percent compared with June 2016. Meanwhile, CoreLogic said the foreclosure inventory rate in June was 0.7 percent, down from 0.9 percent in June 2016 and the lowest since the rate was also 0.7 percent in July 2007.
“The CoreLogic Home Price Index increased 6 percent and payroll employment grew by 2.2 million jobs in the year ending June 2017, supporting further declines in delinquency rates,” CoreLogic Chief Economist Frank Nothaft said in a release. “The forecast for the coming year includes 5 percent home-price appreciation and further job growth, putting renewed downward pressure on mortgage delinquency rates.”
In June, CoreLogic said the share of mortgages 60-89 days past due was 0.6 percent, down slightly from 0.7 percent in June 2016.
“After peaking at 3.6 percent in December 2010, June’s 0.7 percent foreclosure rate was the lowest in 10 years,” CoreLogic President and CEO Frank Martell said. “Across the 100 most populous metro areas, the foreclosure rate varied from 0.1 percent in Denver-Aurora-Lakewood to 2.2 percent in New York-Newark-Jersey City.”