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CoreLogic: Foreclosure rate hits 12-year low

Mortgage delinquencies fell in July and the foreclosure rate was the lowest in a dozen years, but early-stage delinquencies are expected to increase in the Carolinas and Virginia where an estimated 624,000 homes were damaged during September’s hurricane Florence, CoreLogic said.  

"Despite an overall sunny picture of delinquencies, weather-driven hotspots dot the country,” CoreLogic’s Chief Executive Officer Frank Martell said.

“We expect higher delinquency rates in the mid-Atlantic region later this year due to hurricane Florence, which impacted nearly half a million homes in North Carolina alone.”

Nationally, 4.1 percent of all mortgages were in some stage of delinquency, down 0.6 percentage point from the July 2017 level. The foreclosure inventory rate, or the percentage of properties in some stage of foreclosure, was 0.5 percent, the lowest rate since July 2006.

Serious delinquencies, or properties at least 90 days past due, comprised 1.6 percent of all mortgages, down from 1.9 percent in July 2017. Serious delinquencies have ticked up Texas and Florida, however, reflecting the impacts of last year’s hurricanes Harvey and Irma. The delinquency rate in Hawaii has also ticked up as a result of hurricane Lane and the eruption of Kilauea, CoreLogic said. 


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