Loan Performance Insights – May 2024 (2024)

“The U.S. delinquency rate increased from a year earlier in March, driven by an uptick in early-stage delinquencies. Further, the early-stage delinquency rate remained flat from February to March this year, while it typically falls between those months, as many borrowers receive income tax refunds in March. While monthly changes in the early-stage delinquency rate can be volatile, this break from the seasonal trend comes at a time when household budgets are strained by still-high inflation.”

-Molly Boesel

Principal Economist for CoreLogic

30 Days or More Delinquent – National

In March 2024, 2.8% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 0.2 percentage point change in the overall delinquency rate compared with March 2023.

Almost All States Post Annual Delinquency Rate Increases in March

The nation’s overall mortgage delinquency rate held at 2.8% in March for the third straight month but moved up slightly from the same time last year. Almost all states followed suit, posting annual gains between 0.7 percentage points and 0.1 percentage points. The national foreclosure rate stayed at 0.3% for the 25th straight month, a sign that mortgage performance remains strong despite the small annual delinquency gains. Also, a U.S. unemployment rate that remained below 4% in April should help most borrowers pay their bills on time in the coming months.

Loan Performance – National

CoreLogic examines all stages of delinquency to more comprehensively monitor mortgage performance.

The nation’s overall delinquency rate for March was 2.8%. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.5% in March 2024, up from March 2023. The share of mortgages 60 to 89 days past due was 0.4%, up from March 2023. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 0.9%, down from 1.1% in March 2023.

As of March 2024, the foreclosure inventory rate was 0.3%, unchanged from March 2023.

Transition Rates – National

CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.

The share of mortgages that transitioned from current to 30-days past due was 0.7%, up from March 2023.

Overall Delinquency – State

In March 2024, 48 states posted year-over-year increases in overall delinquency rates, while three states were unchanged. No state posted an annual decline

Serious Delinquency – Metropolitan Areas

Serious delinquency is defined as 90 days or more past due including loans in foreclosure.

There were six metropolitan areas where the Serious Delinquency Rateincreased.

There were 39 metropolitan areas where the Serious Delinquency Ratestayed the same.

There were 349 metropolitan areas where the Serious Delinquency Ratedecreased.

Methodology

The data in this report represents foreclosure and delinquency activity reported through March 2024. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

Source: CoreLogic

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