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Serious Delinquencies Spike in the United States. #realestate #economic #market #housing #economy

Except for in the hurricane-hit states of Florida, Texas, and Puerto Rico, delinquency rates across the U.S. declined in November 2017 on a year-over-year basis, according to the Loan Performance Insights Report released by CoreLogic on Tuesday.
The report 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. Nationally, the report indicated, 5.1 percent of mortgages were at some stage of delinquency in November 2017, down from 5.2 percent recorded during the same period in 2016, showing a decline of 0.1 percent.
The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down 0.2 points from 0.8 percent in November 2016. The report indicated that the foreclosure rate had held steady since August 2017 and was the lowest level since June 2007.
However, transition rates for 60-day and 90-day delinquencies rose in the hurricane-affected states of Texas, Florida and Puerto Rico.
“Serious delinquency rates are up sharply in Texas and Florida compared with a year ago, while lower in all other states except Alaska. In Puerto Rico, the serious delinquency rate jumped to 6.3 percent in November, up 2.7 percentage points compared with a year before. In the Miami metropolitan area, serious delinquency was up more than one-third from one year earlier to 5.1 percent, and it more than doubled to 4.6 percent in the Houston area,” said Dr. Frank Nothaft, Chief Economist for CoreLogic.
According to the report, the rate for early-stage delinquencies remained unchanged on a year-over-year basis at 2.2 percent in November 2017. However, it was down 0.1 points from 2.3 percent in October 2017.
The share of mortgages that were 60-89 days past due was up 0.2 points on a year-over-year basis at 0.9 percent in November 2017 and remained unchanged from the month earlier. The serious delinquency rate, reflecting loans 90 days or more past due, was 2 percent in November 2017, up from 1.9 percent in October 2017 but down 0.3 points year over year from 2.3 percent in November 2016. Prior to November 2017, the serious delinquency rate had held steady for five consecutive months at 1.9 percent—the lowest level for any month since October 2007 when it was also 1.9 percent.

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