CoreLogic Reports Lowest U.S. Foreclosure Rate for a March in at Least 20 Years; Overall and Serious Delinquency Rates for a March at 13 Year Lows

  • Twenty-one states logged a small annual gain in overall delinquency
  • Some hurricane and wildfire areas in the Southeast and California
    continue to log relatively high delinquency rates

IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic® (NYSE: CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its monthly Loan
Performance Insights Report
. The report shows that nationally 4% of
mortgages were in some stage of delinquency (30 days or more past due,
including those in foreclosure) in March 2019, representing a
0.3-percentage-point decline in the overall delinquency rate compared
with March 2018, when it was 4.3%. This was the lowest for the month of
March in 13 years.

As of March 2019, the foreclosure inventory rate – which measures the
share of mortgages in some stage of the foreclosure process – was 0.4%,
down 0.2 percentage points from March 2018. March 2019 marked the fifth
consecutive month that the foreclosure inventory rate remained at 0.4%
and was the lowest for any month since at least January 1999.

Measuring early-stage delinquency rates is important for 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% in March 2019, up from 1.8% in March 2018. The share of
mortgages 60 to 89 days past due in March 2019 was 0.6%, unchanged from
March 2018. The serious delinquency rate – defined as 90 days or more
past due, including loans in foreclosure – was 1.4% in March 2019, down
from 1.9% in March 2018. The serious delinquency rate of 1.4% this March
was the lowest for that month since 2006 when it was also 1.4%.

Since early-stage delinquencies can be volatile, CoreLogic also analyzes
transition rates. The share of mortgages that transitioned from current
to 30 days past due was 0.9% in March 2019, up from 0.7% in March 2018.
By comparison, in January 2007, just before the start of the financial
crisis, the current-to-30-day transition rate was 1.2%, while it peaked
in November 2008 at 2%.

The nation’s overall delinquency rate has fallen on a year-over-year
basis for the past 15 consecutive months. However, 21 states did
experience a slight increase in the overall delinquency rate in March
2019. Mississippi had the nation’s highest overall delinquency rate at
8.2%, a 0.5-percentage-point gain from March 2018, while Alabama’s gain
was 0.3 percentage points. The other 19 states experienced annual gains
of 0.1 or 0.2 percentage points.

“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.”

In March 2019, 166 U.S. metropolitan areas posted at least a small
annual increase in the overall delinquency rate. Some of the highest
gains were in several hurricane-ravaged parts of the Southeast (in
Florida, Georgia and North Carolina), and in Northern California’s Chico
metropolitan area, home of last year’s devastating “Camp Fire.”

“Delinquency rates and foreclosures continue to drop through March and
should decline further in the months ahead barring any serious
dislocations from recent flooding in the Midwest or a severe Atlantic
hurricane and/or wildfire season on the coasts,” said Frank Martell,
president and CEO of CoreLogic.

The next CoreLogic Loan Performance Insights Report will be released on
July 9, 2019, featuring data for April 2019.

For ongoing housing trends and data, visit the CoreLogic Insights Blog:


The data in this report represents foreclosure and delinquency activity
reported through March 2019.

The data in this report accounts for only first liens against a property
and does not include secondary liens. The delinquency, transition and
foreclosure rates are measured only against homes that have an
outstanding mortgage. Homes without mortgage liens are not typically
subject to foreclosure and are, therefore, excluded from the analysis.
Approximately one-third of homes nationally are owned outright and do
not have a mortgage. CoreLogic has approximately 85% coverage of U.S.
foreclosure data.

Source: CoreLogic

The data provided is for use only by the primary recipient or the
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publications and sources owned by the primary recipient’s parent company
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screen or website. For questions, analysis or interpretation of the
data, contact Chad Yoshinaka at [email protected]
or Allyse Sanchez at [email protected].
Data provided may not be modified without the prior written permission
of CoreLogic. Do not use the data in any unlawful manner. This data is
compiled from public records, contributory databases and proprietary
analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and
solutions, promotes a healthy housing market and thriving communities.
Through its enhanced property data solutions, services and technologies,
CoreLogic enables real estate professionals, financial institutions,
insurance carriers, government agencies and other housing market
participants to help millions of people find, acquire and protect their
homes. For more information, please visit

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Media Contacts:
Chad Yoshinaka
Corporate Communications
[email protected]

Allyse Sanchez
INK Communications
[email protected]om

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