Despite the lingering effects of last year’s brutal hurricane season, mortgage servicers managed to cut the monthly rate of loan delinquency.
U.S. single-family loans had a 30-day delinquency rate of 4.8 percent as of Feb. 28. The reported rate reflects the foreclosure inventory.
The residential non-current rate ed-escalated from the preceding month, when delinquency of at least 30 days was a previously reported 4.9 percent.
An improvement in performance was also noted compared to the same month last year, when the rate of late payments was 5.0 percent.
CoreLogic Inc. reported the numbers.
“Last year’s hurricanes continue to have an effect on loan performance in affected markets, showing up in statewide data,” CoreLogic Chief Economist Dr. Frank Nothaft stated in the report. “Serious delinquency rates in February were 50 percent higher than in August 2017 in Texas, and nearly double in Florida, even though the wind and flood damage was primarily in coastal markets. In Puerto Rico, the damage was widespread. Serious delinquency rates were up five-fold over the August-to-February period, with a significant increase in all metropolitan areas there.”
A U.S. 90-day rate of 2.1 percent was no different than January 2018.
While the foreclosure inventory rate held steady at 0.6 percent, it also remained at the lowest level since June 2007, when it was also 0.6 percent. The rate was 0.8 percent as of February 2017.
