Serious Delinquencies Fell To Lowest Point Since 1999
Serious mortgage delinquencies fell to their lowest point since 1999 in August, but financial pressures could force them up in the future.
In August, 2.6% of all U.S. mortgages were in some stage of delinquency, down 0.2% YOY and 0.1% from July 2023, according to CoreLogic’s latest Loan Performance Insights Report.
Early-stage delinquencies and adverse delinquencies both increased a modest 0.1% from August 2022, but serious delinquencies declined (-0.3%) to their lowest level in nearly 25 years.
Overall, mortgage delinquencies remain near historic lows.
CoreLogic’s data reflects the stability of homeowners swimming in record-high equity. After slipping through the end of 2022, home prices shot up once again in mid-2023, giving homeowners unprecedented financial security.
With competition for well-priced homes…