The national 30-plus days delinquency rate dropped to 5 percent in February 2017, its lowest level since September 2007, according to a report released today by CoreLogic, a global property information company.

By comparison, just before the start of the financial crisis in January 2007, the current to 30-day transition rate was 1.2 percent and peaked in November 2008 at 2 percent.

Between February 2016 and February 2017, the 30 plus delinquency rate fell 0.5 percent. The national foreclosure inventory fell from 1.1 percent to 0.8 percent during the same time period.

“While national-level delinquency rates declined, the serious delinquency rate remained elevated in many mid-Atlantic and northeast states led by New York and New Jersey,” Frank Martell, president and CEO of CoreLogic, said in a statement. “February-to-February increases in both 30-day-or-more delinquency rates and in serious delinquency rates were also observed in Alaska, Louisiana and Wyoming relating to the impact of the downturn in the global oil market.”

In Massachusetts, the 30-plus delinquency rate fell from 5.6 percent in February 2016 to 4.9 percent in February 2017. The statewide foreclosure inventory fell from 1.3 percent to 0.9 percent during the same time period.

The share of mortgages that transitioned from current to 30 days past due was up slightly, moving from 1 percent in February 2017 to 0.8 percent in February 2016.

Serious Mortgage Delinquencies And Foreclosures Continue To Fall

by Banker & Tradesman time to read: 1 min
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