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Mortgage Delinquencies in Phoenix-Mesa-Scottsdale Down Year Over Year
- Overall Mortgage Delinquency Rate Fell 0.1 Percentage Points
- Foreclosure Rate Declined 0.2 Percentage Points
- Early-Stage Delinquencies Rose 0.1 Percentage Points
IRVINE, Calif., January 9, 2018 – CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 5.1 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in October 2017. This represents a 0.1 percentage point year-over-year decline in the overall delinquency rate compared with October 2016 when it was 5.2 percent.
As of October 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down 0.2 percentage points from 0.8 percent in October 2016. The foreclosure inventory rate has held steady at 0.6 percent since August 2017, the lowest level since June 2007 when it was also at 0.6 percent.
In Phoenix-Mesa-Scottsdale, 2.9 percent of mortgages were delinquent by at least 30 days (including those in foreclosure) in October 2017 compared with 3.2 percent in October 2016, representing a decrease of 0.4 percentage points*. Phoenix-Mesa-Scottsdale mortgages in serious delinquency (90+ days past due) totaled 0.8 percent in October 2017 compared with 1.0 percent in October 2016. The foreclosure inventory rate for this October was 0.2 percent compared with 0.2 percent a year earlier.
Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next.
The rate for early-stage delinquencies, defined as 30-59 days past due, was 2.3 percent in October 2017, down 0.1 percentage points from 2.4 percent in September 2017 and up 0.1 percentage points from 2.2 percent in October 2016. The share of mortgages that were 60-89 days past due in October 2017 was 0.9 percent, up 0.2 percentage points from 0.7 percent in both September 2017 and October 2016. The serious delinquency rate, reflecting loans 90 days or more past due, in October 2017 was 1.9 percent, unchanged from September 2017 and down 0.4 percentage points from 2.3 percent in October 2016. The 1.9 percent serious delinquency rate in June, July, August, September and October of this year marks the lowest level for any month since it was also 1.9 percent in October 2007.
“After rising in September, early-stage delinquencies declined by 0.1 percentage points month over month in October. The temporary rise in September’s early-stage delinquencies reflected the impact of the hurricanes in Texas, Florida and Puerto Rico, but now the impact from the hurricanes is fading from a national perspective,” said Dr. Frank Nothaft, chief economist for CoreLogic. “While the national impact is waning, the local impact remains. Some Florida markets continue to see increases in early-stage delinquency transition rates in October, reaching 5 percent, on average, in Miami, Orlando, Tampa, Naples and Cape Coral. Texas markets such as Houston, Beaumont, Victoria and Corpus Christie peaked at over 7 percent in September, but are on the mend and improving in October.”
Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1.1 percent in October 2017, down from 1.3 percent in September 2017 and up from 1 percent in October 2016. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent.
“While the national impact of the recent hurricanes will soon fade, the human impact will remain for years. For example, the displacement and rebuilding in New Orleans after Hurricane Katrina extended for several years and altered the character of the city, an impact that still remains today,” said Frank Martell, president and CEO of CoreLogic. “The reconstruction of the housing stock and infrastructure impacted by the storms should provide a small stimulus to local economies. This rebuilding will occur against a backdrop of wage growth, consumer confidence and spending in the national economy which should continue to provide a solid foundation for real estate demand in the storm-impacted areas and beyond.”
*Percentage point differences may be affected by rounding.
Foreclosure and Delinquency Rates by State:
| State | 30 Days or More Delinquent Rate October 2017 (%) | Serious Delinquency Rate October 2017 (%) | Foreclosure Rate October 2017 (%) | 30 Days or More Delinquent Rate October 2016 (%) | Serious Delinquency Rate October 2016 (%) | Foreclosure Rate October 2016 (%) |
| National | 5.1 | 1.9 | 0.6 | 5.2 | 2.3 | 0.8 |
| Alabama | 6.4 | 2.4 | 0.4 | 6.9 | 2.7 | 0.5 |
| Alaska | 2.9 | 1.1 | 0.3 | 2.5 | 1.0 | 0.3 |
| Arizona | 3.2 | 0.9 | 0.2 | 3.6 | 1.2 | 0.3 |
| Arkansas | 5.9 | 2.3 | 0.5 | 6.3 | 2.6 | 0.6 |
| California | 2.8 | 0.9 | 0.2 | 3.2 | 1.2 | 0.3 |
| Colorado | 2.1 | 0.6 | 0.2 | 2.5 | 0.9 | 0.2 |
| Connecticut | 5.6 | 2.5 | 1.0 | 6.2 | 3.1 | 1.3 |
| Delaware | 5.7 | 2.6 | 0.9 | 6.4 | 3.2 | 1.3 |
| District Of Columbia | 4.4 | 2.2 | 1.1 | 5.2 | 2.9 | 1.6 |
| Florida | 9.7 | 2.7 | 0.8 | 6.4 | 3.3 | 1.3 |
| Georgia | 6.0 | 2.0 | 0.4 | 6.4 | 2.4 | 0.5 |
| Hawaii | 3.6 | 2.1 | 1.2 | 4.1 | 2.6 | 1.6 |
| Idaho | 2.7 | 0.9 | 0.3 | 3.1 | 1.2 | 0.5 |
| Illinois | 4.9 | 2.2 | 0.8 | 5.5 | 2.7 | 1.0 |
| Indiana | 5.5 | 2.1 | 0.7 | 6.2 | 2.6 | 0.9 |
| Iowa | 3.5 | 1.3 | 0.4 | 4.0 | 1.7 | 0.6 |
| Kansas | 4.5 | 1.6 | 0.5 | 5.0 | 2.0 | 0.7 |
| Kentucky | 4.8 | 2.0 | 0.7 | 5.4 | 2.4 | 0.9 |
| Louisiana | 8.0 | 3.3 | 0.8 | 9.0 | 3.7 | 0.9 |
| Maine | 5.5 | 2.8 | 1.3 | 6.2 | 3.5 | 1.7 |
| Maryland | 5.9 | 2.6 | 0.8 | 6.5 | 3.1 | 1.0 |
| Massachusetts | 4.3 | 1.8 | 0.7 | 4.9 | 2.3 | 1.0 |
| Michigan | 4.0 | 1.2 | 0.2 | 4.5 | 1.6 | 0.3 |
| Minnesota | 2.7 | 0.9 | 0.2 | 3.1 | 1.1 | 0.3 |
| Mississippi | 8.5 | 3.2 | 0.5 | 9.1 | 3.6 | 0.7 |
| Missouri | 4.4 | 1.5 | 0.3 | 4.9 | 1.9 | 0.4 |
| Montana | 2.4 | 0.9 | 0.3 | 2.7 | 1.0 | 0.4 |
| Nebraska | 3.4 | 1.1 | 0.2 | 3.7 | 1.4 | 0.3 |
| Nevada | 4.1 | 2.0 | 0.8 | 4.8 | 2.7 | 1.0 |
| New Hampshire | 3.7 | 1.2 | 0.3 | 4.1 | 1.6 | 0.4 |
| New Jersey | 6.7 | 3.7 | 1.6 | 8.3 | 5.2 | 2.8 |
| New Mexico | 5.1 | 2.3 | 1.1 | 5.6 | 2.9 | 1.5 |
| New York | 6.9 | 3.8 | 1.9 | 8.2 | 4.7 | 2.6 |
| North Carolina | 4.9 | 1.8 | 0.4 | 5.6 | 2.1 | 0.5 |
| North Dakota | 2.0 | 0.8 | 0.4 | 2.1 | 0.9 | 0.4 |
| Ohio | 5.4 | 2.3 | 0.8 | 6.2 | 2.9 | 1.1 |
| Oklahoma | 5.7 | 2.3 | 0.8 | 6.3 | 2.8 | 1.1 |
| Oregon | 2.4 | 1.0 | 0.4 | 3.1 | 1.6 | 0.8 |
| Pennsylvania | 5.9 | 2.5 | 0.8 | 6.6 | 3.0 | 1.0 |
| Rhode Island | 5.5 | 2.4 | 0.8 | 6.3 | 3.0 | 1.1 |
| South Carolina | 5.4 | 2.0 | 0.6 | 6.1 | 2.5 | 0.8 |
| South Dakota | 2.6 | 1.0 | 0.3 | 2.9 | 1.2 | 0.5 |
| Tennessee | 5.5 | 2.0 | 0.3 | 6.1 | 2.4 | 0.4 |
| Texas | 6.8 | 1.9 | 0.3 | 5.5 | 1.9 | 0.5 |
| Utah | 2.7 | 0.8 | 0.2 | 3.2 | 1.2 | 0.3 |
| Vermont | 3.8 | 1.8 | 0.8 | 4.2 | 2.1 | 1.1 |
| Virginia | 3.9 | 1.4 | 0.3 | 4.3 | 1.7 | 0.3 |
| Washington | 2.5 | 1.0 | 0.3 | 3.1 | 1.5 | 0.6 |
| West Virginia | 6.1 | 2.0 | 0.5 | 6.7 | 2.4 | 0.6 |
| Wisconsin | 3.0 | 1.2 | 0.4 | 3.4 | 1.5 | 0.5 |
| Wyoming | 3.4 | 1.3 | 0.3 | 3.8 | 1.6 | 0.4 |
Source: CoreLogic October 2017
Foreclosure and Delinquency Rates for Select Core Based Statistical Areas (CBSAs):
(Data for additional CBSAs available upon request)
| CBSA | 30 Days or More Delinquent Rate October 2017 (%) | Serious Delinquency Rate October 2017 (%) | Foreclosure Rate October 2017 (%) | 30 Days or More Delinquent Rate October 2016 (%) | Serious Delinquency Rate October 2016 (%) | Foreclosure Rate October 2016 (%) |
| Boston-Cambridge-Newton, MA-NH | 3.6 | 1.4 | 0.5 | 4.1 | 1.8 | 0.7 |
| Chicago-Naperville-Elgin, IL-IN-WI | 5.0 | 2.3 | 0.8 | 5.6 | 2.9 | 1.1 |
| Denver-Aurora-Lakewood, CO | 1.9 | 0.5 | 0.1 | 2.3 | 0.7 | 0.2 |
| Houston-The Woodlands-Sugar Land, TX | 10.9 | 2.6 | 0.2 | 5.8 | 2.0 | 0.5 |
| Las Vegas-Henderson-Paradise, NV | 4.5 | 2.3 | 0.9 | 5.3 | 3.1 | 1.2 |
| Los Angeles-Long Beach-Anaheim, CA | 2.8 | 0.9 | 0.2 | 3.2 | 1.2 | 0.3 |
| Miami-Fort Lauderdale-West Palm Beach, FL | 12.5 | 3.3 | 0.8 | 7.6 | 4.0 | 1.6 |
| New York-Newark-Jersey City, NY-NJ-PA | 6.6 | 3.8 | 1.9 | 8.0 | 4.9 | 2.7 |
| San Francisco-Oakland-Hayward, CA | 1.7 | 0.6 | 0.1 | 2.0 | 0.8 | 0.2 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 4.0 | 1.6 | 0.5 | 4.5 | 2.0 | 0.6 |
Source: CoreLogic October 2017
For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog.
Methodology
The data in this report represents foreclosure and delinquency activity reported through September 2017.
The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data.
Source: CoreLogic
The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permissio n of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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