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Where Mortgages are Past Due

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CoreLogic found that the nation’s overall delinquency was 3.9% in November 2019, which is a marginal decline from last year’s 4%. November’s reading was the lowest reading for November in more than 20 years. 

The share of delinquent mortgages in November historically peaked in 2009 at 11.5%. Since March 2018, the overall delinquency rate each month has been lower than the pre-crisis period from 2000 to 2006. The rate averaged 4.7% during that time. 

The serious delinquency rate—those more than 90 days past due, including those in foreclosure—was 1.3% for the month. This represents a slight decline for November 2018’s 1.5%. 

CoreLogic says the serious delinquency rate has remained at 1.3% since April 2019. 

The share of mortgages in some stage of the foreclosure process was 0.4%, which is unchanged from last year. Mortgages that were 30-59 days past due, or those considered early-stage delinquencies, was 2% in November—up from 1.9% in November 2018.

Mississippi had the highest share of mortgage 30 days or more delinquent for the month at 7.6%. Oregon and Colorado had the lowest at 1.9%. North Carolina was found to have the largest decline at 0.7%.

Of the 10 largest metropolitan areas, Miami had the highest delinquency rate for the 30-plus day past-due rate at 5.4%. San Francisco had the lowest rate at 1.2%. 

The largest annual increases were found in rural areas. Pine Bluff, Arkansas (1.4%); Enid, Oklahoma (0.9%); Dalton, Georgia (0.6%); and Dubuque, Iowa (0.5%).

Black Knight revealed in February that delinquencies fell by 3.75% month-over-month in December, while the foreclosure rates fell 1.57%. Year-over-year, delinquencies declined by over 12%.

Additionally, Black Knight found that there are now 2.05 million loans in some stage of delinquency, including active foreclosures down 236,000 from the same time last year and the lowest year-end volume since the turn of the century. The strongest declines were primarily in the east and southern portions of the country and in areas heavily impacted by the 2017 and 2018 hurricane seasons.

Southern states including Mississippi, Louisiana, Alabama, and Arkansas held some of the largest volumes of non-current loans in the country. As of December 2019, Mississippi holds the highest volume at 9.99%, though this is a month-over-month decline from November’s 10.44%, and a 0.93% decline year-over-year.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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