Mortgage Delinquency Rates Continue to Drop As the Economy Strengthens
Mortgage delinquency rates are on the decline according to a recent report that suggests the economy is healthier than months past. CoreLogic's Loan Performance Insights Report showed a noticeable drop in delinquency rates of about .2 percent.
"The foreclosure inventory rate also fell 0.2% year-over-year in February, dipping from 0.8% to 0.6%," according to National Mortgage News.
"The foreclosure inventory rate has held steady at this reading since August 2017, the lowest level seen since it was also 0.6% back in June 2007."
According to the report, Frank Martell, president and CEO of CoreLogic, the dip in points can be attributed to "stringent underwriting" as well as "higher employment and wages."
While there are plenty of positive points to take away from this data, there is still the issue of higher home-price appreciation rates. The rise in appreciation rates makes it challenging for buyers, however, this is great news homeowners and mortgage servicers.
It is also important to note that delinquency rates varied by state due to factors like the Hurricanes that hit Texas and Florida.
To learn more about the current mortgage delinquency rates and some of the contributing factors, click on the image above.
