Foreclosure Inventory Rate Lowest Since 1999
According to the latest CoreLogic monthly Loan Insights Report, 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March, 2019. These loans represent a 0.3-percentage-point decline in the overall delinquency rate compared with March 2018 and was the lowest for the month of March in 13 years. In addition, they report that the foreclosure inventory rate (measuring the share of mortgages in some stage of the foreclosure process) was 0.4% and was the lowest for any month since January, 1999.
“The increase in the overall delinquency rate in 42% of states most likely indicates many Americans were caught off guard by their expenses in early 2019,” said Dr. Frank Nothaft, chief economist at CoreLogic. “A strong economy, labor market and record levels of home equity should limit delinquencies from progressing to later stages.”