IE Business Daily Business news for the Inland Empire.
In November 2020, 5.9 percent of all U.S. mortgages were at least 30 days past due, a year-over-year increase of two percent, according to data released earlier this week.
That was the lowest delinquency rate recorded since March, Irvine-based CoreLogic reported in its monthly assessment of U.S. mortgage loans.
Early-stage delinquencies – 30 to 59 days past due – were at 1.4 percent, down from two percent in November 2019.
Loans 60 to 90 days past due were at 0.6 percent, unchanged from the previous year, while serious delinquencies – 90 days or more past due – totaled 3.9 percent, up from 1.3 percent in November 2019.
All of the above numbers include foreclosures. Nationwide, the foreclosure inventory rate was 0.3 percent, essentially unchanged from one year earlier.
“Urban areas hit hard by the pandemic recession or by a natural disaster experienced the largest spike in delinquency over the last year,” said Frank Nothaft, CoreLogic’s chief economist, in the statement. “Forbearance and loan modification helped struggling families rebuild their financial house in hard-hit places.”
In the Inland Empire, 6.3 percent of all mortgage loans were in some stage of delinquency, up from 3.8 percent the previous year. Four point one percent were seriously delinquent, a 3.1 percent increase year-over-year.
The foreclosure rate in Riverside and San Bernardino counties – 0.2 percent – was down from 0.3 percent one year earlier, CoreLogic reported.
