A Major Factor Behind Mortgage Delinquencies

first_img A Major Factor Behind Mortgage Delinquencies The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Foreclosure, Market Studies, News CoreLogic Delinquency Employment Foreclosure Jobs 2019-11-19 Seth Welborn Home / Daily Dose / A Major Factor Behind Mortgage Delinquencies The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: CoreLogic Delinquency Employment Foreclosure Jobs The Best Markets For Residential Property Investors 2 days ago  Print This Postcenter_img In the states with the biggest gains in delinquency, job loss was a contributing factor, according to the latest Loan Performance Insights Reports from CoreLogic. While the nation’s overall delinquency remains near the lowest level since at least 1999, five states posted small annual increases in overall delinquency rates in August: Iowa (0.2 percentage points), Minnesota (0.1 percentage points), Nebraska (0.1 percentage points), Wisconsin (0.1 percentage points) and Rhode Island (0.1 percentage points).“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.”Additionally, Minnesota, Iowa, Nebraska, North Dakota, Montana, New Hampshire, and Utah all saw increases in serious delinquency rates, or loans 90 days or more past due including loans in foreclosure.On a smaller scale, 47 metropolitan areas recorded small annual increases in overall delinquency rates in August. Some of the highest gains were in the Midwest and Southeast. Metros with the largest increases were Dubuque, Iowa (2.2 percentage points), Pine Bluff, Arkansas (1.1 percentage points), Goldsboro, North Carolina (0.6 percentage points) and Panama City, Florida (0.5 percentage points).Additionally, 19 metropolitan areas recorded small annual increases in their serious delinquency rates. Metros with the largest increases were Panama City, Florida (0.9 percentage points), Jacksonville, North Carolina (0.2 percentage points), Wilmington, North Carolina (0.2 percentage points) and Goldsboro, North Carolina (0.2 percentage points). The remaining 15 metro areas logged annual increases of 0.1 percentage point.“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,” said 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.” Demand Propels Home Prices Upward 2 days ago November 19, 2019 1,975 Views About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Mortgage Servicing: A “People Business” Next: Rising Rates for Minority Homeownership Data Provider Black Knight to Acquire Top of Mind 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more