Late mortgages climb a bit, still down for the year

Mortgage delinquencies in the Salt Lake City market crept up slightly in November, according to the latest numbers from CoreLogic, a California-based real estate information and analytics firm. Locally, home loans in some degree of delinquency in the state inched up from 2.8 percent in October to 2.9 percent in November. At 2.9 percent, the November rate is still down from the 3.4 percent rate recorded a year earlier, CoreLogic’s “Loan Performance Insights Report” said.

{mprestriction ids="1,3"}

Nationally, 5.1 percent of mortgages were delinquent in October compared to 5.2 percent a year earlier. 

In Utah, those home loans in the seriously delinquent category (90 or more days past due), dropped from 1.2 percent to 0.9 percent in the past year. The foreclosure rate dropped from 0.3 percent to 0.2 percent in the same period, while the national foreclosure rate held steady at 0.6 percent.

Also cited in the Corelogic report was the early-stage delinquency rate, important to measure trends in mortgage trouble. That rate declined slightly in November to 2.2, down from 2.3 percent on October. 

“The effects of hurricanes Harvey, Irma and Maria appear clearly in our mortgage delinquency report,” said Frank Nothaft, chief economist for CoreLogic. “Serious delinquency rates are up sharply in Texas and Florida compared with a year ago, while lower in all other states except Alaska. In Puerto Rico, the serious delinquency rate jumped to 6.3 percent in November, up 2.7 percentage points compared with a year before. In the Miami metropolitan area, serious delinquency was up more than one-third from one year earlier to 5.1 percent, and it more than doubled to 4.6 percent in the Houston area.”

{/mprestriction}