Mortgage delinquencies drop

Three point six percent of all US mortgages were in delinquency in November, a 2.3 percent year-over-year drop, according to data released Tuesday.

Early-stage delinquencies – 30 to 59 days overdue – totaled 1.2 percent, down from 1.4 percent, according to CoreLogic in Irvine.

Loans 60 to 89 days past due were at 0.3 percent, down from 0.6 percent.  Loans in serious delinquency – 90 days or more past due, including foreclosures – were at two percent last November, down from 3.9 percent.

The foreclosure inventory rate – mortgages in some state or foreclosure – were at 0.2 percent, virtually unchanged year-over-year and the lowest national foreclosure rate since 1999.

“Non-farm employment rose 6.45 million during 2021, helping to rebuild income for families under financial stress during the pandemic,” said Frank Nothaft, CoreLogic’s chief economist, in a statement  “Income growth has helped to reduce past-due rates and home equity build-up has reduced the likelihood of a distressed sale.”

In the Inland Empire, serious delinquencies last November totaled 1.9 percent, a drop of 2.2 percent in November 2020, CoreLogic reported.