Solid mortgage market in November

U.S., mortgage delinquencies dropped slightly in November, with serious delinquencies for that month at their lowest point in 12 years.

Nationwide, 4.1 percent of all mortgages were in some stage of delinquency – 30 days or more including foreclosures – in November, a 1.1 percent year-over-year decline, CoreLogic in Irvine reported.

Also in November, 0.4 percent of all U.S. mortgages were in some stage of foreclosure, down slightly from November 2017 and the lowest percentage of any month since at least January 2000.

Serious delinquencies – anything 90 days or more past due – was 1.5 percent in November, down from two percent year-over-year and the lowest rate for November since 2006, when it was also 1.5 percent.

“Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground,” said Frank Nothaft, CoreLogic’s chief economist, in a statement. “All of this has helped push delinquency and foreclosure rates to their lowest levels in almost two decades, and will provide a cushion if the housing market should turn down.”

In the Inland Empire, 3.9 percent of all mortgages were at least 30 days past due in November, a drop of 0.5 percent year-over-year. Serious delinquencies were at one percent, a drop of 0.3 percent year-over-year, CoreLogic reported.