Strong Economic Conditions Drive Mortgage Delinquency Rates To A 20-Year Low
The distressed mortgage market continues to grow smaller in the proverbial rear-view mirror with the share of mortgages that were past due in April falling to a record low rate. Declining unemployment rates and rising home prices have helped to reduce the delinquency rates, according to a new loan performance report by CoreLogic, a leading global property analytics and data provider.
The report shows that nationally 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in April 2019, representing a 0.7 percentage point decline in the overall delinquency rate compared with April 2018 when it was 4.3%. This was the lowest rate for any month in more than 20 years.