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Mortgage delinquencies reach record low

U.S. mortgage delinquencies fell to an all-time low in May, in part because of a strong job market that is allowing most borrowers to make their house payments on time.

Two point six percent of all mortgages were at least 30 days or more past due, including foreclosures, a slight decrease both month-over-month and year-over-year, according to CoreLogic.

“May’s overall mortgage delinquency rate matched the all-time low, and serious delinquencies followed suit,” said Molly Boesel, Core Logic’s principal economist, in a statement.  “Furthermore, the rate of mortgages that were six months or more past due, a measure that ballooned in 2021, has receded to a level last observed in March 2020.“

One point three percent of all mortgages in May were 30 to 59 days past due, a slight year-over-year increase, while 60 to 89-day delinquencies were essentially unchanged during that time.

Mortgage payments that were at least 90 days past due stood at one percent, down 0.2 percent year-over-year, while the national foreclosure rate – 0.3 percent – was unchanged from May 2022.

In the Inland Empire, 90-day delinquencies – 0.9 percent – were down slightly from one year earlier, but foreclosures were all but nonexistent: 0.1 percent of all mortgages, the same as May 2022, CoreLogic reported.

 

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