Mortgage delinquencies continue to fall

Three point two percent of all U.S. mortgages were delinquent in February, the 11th consecutive month of declines in that category, according to data released today.

That was also a 2.5 percent drop from February 2021, when 5.7  percent of the country’s mortgages were in some state of delinquency, Irvine-based CoreLogic reported.

Early stage delinquencies – 30 to 59 days past due – were at 1.3 percent during the second month of the year, down 0.2 percent year-over-year.  Delinquencies –  60 to 89 days past due  – were at 0.3 percent, also down 0.2 percent during that time.

Serious delinquencies – 90 days or more past due, including foreclosures – were at 1.6 percent, down from 3.7 percent year-over-year, while the 0.2 percent foreclosure rate was essentially unchanged and the lowest foreclosure rate recorded since January 1999.

In the Inland Empire, three percent of all mortgages were in early delinquency, down from six percent year-over-year.  Serious delinquencies were at 1.4 percent, down from 3.9 percent while the foreclosure rate was 0.1 percent, essentially unchanged from one year earlier, according to CoreLogic.