In
February
2024,
the
national

delinquency
rate
for
residential
mortgages
stood
at
2.8%,
marking
an
0.2
percentage-point
decrease
from
February
2023.
The
rate
remained
unchanged
from
January
2024,
according
to
the
latest


CoreLogic

Loan
Performance
Insights
report.

The
data
provider
examined
all
stages
of
delinquencies
to
gain
a
complete
view
of
the
mortgage
market
and
loan
performance
health.

Early-stage
delinquencies
(mortgages
30
to
59
days
past
due),
accounted
for
1.5%
of
all
mortgages
in
February,
up
10
basis
points
year
over
year.
Adverse
delinquencies
(loans
60
to
89
days
past
due)
remained
at
0.4%,
consistent
with
February
2023.
And
serious
delinquencies
(loans
90
days
or
more
overdue
or
in
foreclosure)
decreased
by
30
basis
points
to 0.9%.

The

foreclosure
process
affected
only
0.3%
of
mortgages,
a
rate
unchanged
from
February
2023.

Despite
economic
challenges,
the
robust
growth
in
U.S.

home
equity,
which
was
up
by
$1.3
trillion
(8.6%)
on
an
annualized
basis
in
the
fourth
quarter
of
2023,
offers
homeowners
a
significant
financial
buffer
against
foreclosure.

“The
U.S.
delinquency
rate
fell
from
a
year
earlier
for
the
first
time
in
six
months
in
February,
indicating
that
mortgage
performance
remains
strong,”
Molly
Boesel,
principal
economist
for
CoreLogic,
said
in
a
statement.
“The
decrease
in
delinquencies
was
driven
by
the
decline
in
the
share
of
mortgages
that
were
six
months
or
more
past
due,
a
number
that
has
been
consistently
shrinking
and
fell
to
its
lowest
level
in
15
years
in
February.”

“As
later-stage
delinquencies
decrease,
the
share
of
mortgages
in
foreclosure
remained
at
0.3%
in
February,
where
it
has
been
since
March
2022
and
only
slightly
higher
than
the
all-time
low,”
Boesel
added. 

Overall
delinquency
rates
in
February
2024
remained
historically
low,
indicating
that
the
majority
of
mortgage
holders
in
the
U.S.
were
meeting
their
payment
obligations.

Only
four
states
reported
year-over-year
increases
in
overall
delinquency
rates,
while
eight
states
saw
no
change.
Alaska
saw
the
most
significant
annual
decline,
down
by
0.4
percentage
points.
Arizona
recorded
the
largest
increase,
rising
by
0.2
percentage
points.

Overall,
nearly
all
stages
of
delinquency
remain
near
historically
low
levels
in
February,
meaning
that
most
Americans
with
a
mortgage
are
able
to
make
their
payments
on
time.
In
February
2024,
only
four
states
posted
year-over-year
increases
in
overall
delinquency
rates,
while
eight
states
were
unchanged.
Alaska
posted
the
largest
annual
decline
at
0.4
percentage
points
and
Arizona
had
the
largest
gain
at
0.2
points.

Fifty-six
U.S.
metro
areas
experienced
year-over-year
increases
in
overall
delinquency
rates.
Only
three
metros
reported
an
annual
increase
in
serious
delinquency
rates. 

The
Kahului-Wailuku-Lahaina
metro
area
in

Hawaii
saw
the
largest
overall
year-over-year
delinquency
rate
increase,
up
by
1.6
percentage
points.
The
overall
rate
rose
by
0.4
points
in
Hinesville,
Georgia,
and
New
Orleans. 

Among
metros
reporting
serious
delinquency
increases
from
February
2023,
Kahului-Wailuku-Lahaina,
Hawaii,
was
up
by
1.6
percentage
points.
It
was
followed
by
Carson
City,
Nevada
(up
0.2
points)
and
Hinesville,
Georgia
(up
0.1
points).

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