Global property information provider CoreLogic reports that 4.8 percent of mortgages nationwide were in some stage of delinquency (30 days or more past due, including those in foreclosure) in February 2018. This represents a 0.2 percentage point decline in the overall delinquency rate, compared with February 2017, when it was 5 percent.
The foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.6 percent as of February 2018, down 0.2 percentage points from 0.8 percent in February 2017. Since August 2017, the foreclosure inventory rate has been steady at 0.6 percent, the lowest level since June 2007, when it was also 0.6 percent. The February 2018 foreclosure inventory rate was the lowest for the month of February in 11 years; it was also 0.6 percent in February 2007.
In Connecticut the number of lis pendens filed – the first step in the state’s foreclosure process – declined 23 percent year over year in March, the most recent month for which all data was available, and was down 20 percent for the year. Foreclosure deeds filed, the final step in the process, were down 1 percent for the month and 7 percent for the year, according to the latest analysis from The Warren Group, publisher of Banker & Tradesman. (Figures include all residential properties, including single-family homes, condominiums and two- and three-family houses.)
Early-stage delinquency measurement is an important part of analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next.
The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2.1 percent nationwide in February 2018, up from 2 percent in January 2018 and unchanged from February 2017. The share of mortgages that were 60-89 days past due in February 2018 was 0.7 percent, down from 0.8 percent in January 2018 and unchanged 0.7 percent in February 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 2.1 percent in February 2018, unchanged from January 2018 and down from 2.2 percent in February 2017. The February 2018 serious delinquency rate was the lowest for the month of February since February 2007, when it was 1.6 percent.
In Connecticut the rate of delinquencies 30 to 89 days overdue was 5.5 percent in February; the rate of serious delinquencies was 2.4 percent and the foreclosure rate was 0.9 percent, according to CoreLogic.