Hitting the lowest level since January 2000 is the early-stage delinquency rate, now at 1.7 percent. It fell by 0.2 percent in March 2017 from a year ago. Early-stage delinquency refers to those mortgage loans which are 30 to 59 days late. This data is according to the Loan Performance Insights Reportof CoreLogic.
Other Report Highlights
The national overall delinquency rate has declined by 0.8 percent in March compared to the same month last year. From a 5.3 percent, it is now down to 4.4 percent. This number includes mortgages which are 30 days past due or more, and those in foreclosure.
Those that are 60 to 89 days late were also down. From 0.63 percent in March of 2016 to 0.59 percent in March this year
The foreclosure inventory rate in March 2017 was 0.8 percent, also on a decline from the one percent from a year ago. This measures those mortgages that are at any stage of the foreclosure process. Those mortgages which are 90 days or more past due and in foreclosure, called the serious delinquency rate, is down by 0.6 percent from March of last year.
CoreLogic Chief Economist Dr. Frank Nothaft said, “Early-stage mortgage performance continues to improve at a steady pace.” This is most especially noticeable for the early-stage delinquencies. “Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007,” he added.
“Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation, and home price gains,” CoreLogic President and CEO Frank Martell said.
Unemployment Hits Lowest Since May 2001
According to Trading Economics, The US unemployment rate continues to falter. It fell 0.1 percent in May 2017 compared to a month prior. The 4.3 percent unemployment rate in May as remained below market expectations. This rate hit’s it lowest level since May of 2001.