IE Business Daily Business news for the Inland Empire.
Two point eight percent of all U.S. home loans were in some state of delinquency in September, a decline of 1.1 percent year-over-year, according to a recent report.
About 1.4 million loans were at least 30 days or more past due during the ninth month of 2022, Irvine-base CoreLogic reported in its monthly analysis of mortgage delinquencies.
That figure includes foreclosures.
Early-stage delinquencies – 30 to 59 days past due – made up 1.2 percent of the home-loan market, while adverse delinquencies – 60 to 89 days late – were at 0.4 percent. Both categories were essentially the same one year earlier.
Delinquencies 90 days or more past due, including foreclosures, totaled 1.2 percent, down from 2.4% in September 2021, while foreclosures were at 0.3 percent, basically the same as one year earlier.
The mortgage market is performing stronger now that unemployment has returned to where it was before the pandemic, but a recession could reverse that trend, said Molly Boesel, CoreLogic’s principal economist, in the statement.
In the Inland Empire, early-stage delinquencies in September were down 1.2 percent year-over-year, while serious delinquencies fell 1.4 percent and foreclosures – 0.2 percent – were essentially the same, CoreLogic reported.
