Despite hurricane-related deterioration in the rate of mortgage delinquency, the rate of serious delinquency and foreclosures stand at the lowest level in decades.
Single-family loans that were at least 30 days’ delinquent or in the foreclosure inventory accounted for 5.0 percent of all U.S. mortgages outstanding as of Sept. 30.
The rate deteriorated compared to one month earlier, when it was a previously reported 4.6 percent. The rise reflected a 40-basis-point jump in early stage delinquency.
CoreLogic Inc., which reported the latest numbers Tuesday, noted that the deterioration
reflected the impact of the hurricanes in Florida, Puerto Rico and Texas.
Still, the 30-day rate was lower than 5.2 percent a year earlier.
Delinquency in Mississippi was 8.7 percent as of Sept. 30, 2017, worse than any other state. Louisiana was next at 8.2 percent, then Florida’s 7.5 percent, New York’s 7.1 percent and New Jersey’s 7.0 percent.
Colorado and North Dakota shared the lowest rate: 2.2 percent.
Reflected in the most-recent U.S. rate was a 1.9 percent 90-day rate, “the lowest level for any month since October 2007 when it was also 1.9 percent.”
Additionally included in the rate was an 0.6 percent foreclosure inventory rate, unchanged from August but still “the lowest foreclosure inventory rate since June 2007 when it was also 0.6 percent.” The rate was 0.8 percent in September 2016.
In New York, the latest foreclosure rate was 2.0 percent, the highest of any state. Next was New Jersey’s 1.7 percent, followed by 1.4 percent in Maine, 1.2 percent in Hawaii and 1.1 percent in Connecticut.
