30 Day Delinquency Rate Dips In August 2019
Loans that were at least 30 days or more delinquent have dropped 0.2% according to CoreLogic's Loan Performance Insight report through August 2019. Despite the dip, there are some states that are still suffering with their respective delinquency rate.
"Job loss can trigger a loan delinquency, especially for families with limited savings," said Dr. Frank Nothaft, Chief Economist for CoreLogic.
"The rise in overall delinquency in Iowa, Minnesota, Nebraska and Wisconsin coincided with a rise in state unemployment rates between August 2018 and August 2019."
The report also claims that 47 metros recorded small annual increases in the overall delinquency rate including: Dubuque, Iowa; Pine Bluff, Arkansas; Panama City, Florida and more.
"Delinquency rates are at 14-year lows, reflecting a decade of tight underwriting standards, the benefits of prolonged low interest rates and the improved balance sheets of many households across the country," added Frank Martell, president and CEO of CoreLogic.
"Despite this month’s near record-low serious delinquency rate, several metros in hurricane-ravaged areas of the Southeast have experienced higher delinquency rates of late. We expect to see these metros to return to pre-disaster delinquency rates over the next several months."
To learn more about CoreLogic's recent findings in the latest Loan Performance Insights, click on the image above.