The percent of mortgages in some stage of delinquency during July 2017 showed a year-over-year decline but a slight increase from the previous month, according to CoreLogic.
According to CoreLogic’s latest Loan Performance Insights Report, 4.6 percent of mortgages were 30 days or more past due in July 2017, down less than 1 percent year-over-year compared with July 2016 and a slight increase from June 2017’s 4.5 percent rate.
“While the U.S. foreclosure rate remains at a 10-year low as of July, the rate across the 100 largest metro areas varies from 0.1 percent in Denver to 2.2 percent in New York,” CoreLogic Chief Economist Frank Nothaft said in a release. “Likewise, the national serious delinquency rate remains at 1.9 percent, unchanged from June, and when analyzed across the 100 largest metros, rates vary from 0.6 percent in Denver to 4.1 percent in New York.”
CoreLogic said Alaska was the only state to experience a year-over-year increase in its serious delinquency rate.
“Even though delinquency rates are lower in most markets compared with a year ago, there are some worrying trends,” CoreLogic President and CEO Frank Martell said. “For example, markets affected by the decline in oil production or anemic job creation have seen an increase in defaults.”