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    Home»Foreclosure»Americans who are Behind on Mortgage Payments Down to 5 Percent
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    Americans who are Behind on Mortgage Payments Down to 5 Percent

    CHamlerBy CHamlerMay 17, 2017Updated:June 9, 2017No Comments2 Mins Read
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    Americans who are Behind on Mortgage Payments Down to 5 Percent

    CoreLogic, a  leading information and analytics provider on consumer, financial and property data, reported that the overall Delinquency Rate has gone down to 5 percent in February 2017. It has decreased 0.5 percent compared to the 5.5 percent in February of the previous year.

    The Delinquency Rate represents the homeowners who are behind their mortgage payments by 30 days or more.

    Serious Delinquency Rate Also Trending Down

    Also in decline is the Serious Delinquency Rate which is at 2.2 percent from the 2.8 percent reflected last February 2016. Serious Delinquency Rate is defined as mortgages that are past due 90 days or more. This includes those homes in foreclosure.

    Early-stage delinquencies, however, climbed up just 0.06 percent in February from last year’s 2.08 percent. Loans which are behind their due dates 30 to 59 days fall in this category.

    Be able to keep up with payments, look for affordable loans»

    The states of New York and New Jersey’s serious delinquency rates have remained relatively high even when rates have decreased at the National level.

    “February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market,” CoreLogic President and CEO Frank Martell said.

    CoreLogic Chief Economist, Dr. Frank Nothaft said, “Serious delinquency and foreclosure rates continue to drift lower, and are at their lowest levels since the fourth quarter of 2007.”

    This data was shown in CoreLogic’s latest Loan Performance Insights Report, released monthly. The company does a comprehensive analysis of the numbers to monitor the nation’s mortgage performance. It studies the different stages of delinquency from its early stages to foreclosure. It then calculates and analyzes these numbers to establish the rates at each stage of delinquency.

    Avoid Delinquency 

    If you feel like you are having difficulties keeping up with the monthly payments, talk to your lender about it. They can make some changes or may be able to help you find ways to avoid being delinquent.

    Home Loan Rates are at an all-time high, take advantage of it»

    CHamler
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    Behind on Mortgage Payments CoreLogic Delinquency Rate Loan Performance Insights Report Serious Delinquency Rate
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