While the rate of non-current loans remained
sharply higher than a year ago, CoreLogic reports that serious delinquencies,
loans more than 89 days past due, began to level off in September for the first
time since the start of the pandemic.
The company’s Loan Performance Report
puts the national delinquency rate, loans 30 or more days past due including
those in foreclosure, at 6.3 percent. This is 2.5 points higher than the 3.8
percent rate in September 2019. Loans in the earliest stage of
distress, 30 to 59 days past due, accounted for 1.5 percent of active
mortgages, down from 1.9 percent in September 2019 and 4.2 percent in April
when early stage delinquencies spiked due to the COVID-19 pandemic. The rate for
loans 60 to 89 days delinquent is 0.1 percentage point higher than a year
earlier at 0.7 percent but has declined from 2.8 percent last May when that
delinquency bucket hit a recent high.

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