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NEW
FORECLOSURES
ROSE 3.5% FROM
PRIOR QUARTER
e Office of the Comptroller of the
Currency (OCC) Mortgage Metrics Report
for Q4 2019 found new foreclosures rose
3.5% from the prior quarter. is number
reflects a 24.6% decline from the prior year.
e report also found that 96.5%
of mortgages outlined were current and
performing at the end of Q4, which is a slight
increase from last year's 95.8%.
According to the OCC, the number of
loans 30-59 days delinquent has fallen from
459,000 in Q4 2017 to 272,000 in Q4 2019.
Seriously delinquent loans, which are usually
classified as more than 90 days, have fallen
from 439,000 to 239,000 during that time
span.
Newly-initiated foreclosures have also
fallen from Q4 2017 to Q4 2019, dropping to
22,200 in Q4 2019 from 34,500 in Q4 2017.
CoreLogic found that the nation's overall
delinquency was 3.9% in November 2019,
which is a marginal decline from last year's
4%. November's reading was the lowest
reading for November in more than 20 years.
e share of delinquent mortgages
in November historically peaked in 2009
at 11.5%. Since March 2018, the overall
delinquency rate each month has been lower
than the pre-crisis period from 2000 to 2006.
e rate averaged 4.7% during that time.
e serious delinquency rate—those more
than 90 days past due, including those in
foreclosure—was 1.3% for the month. is
represents a slight decline in November 2018's
1.5%.
CoreLogic says the serious delinquency
rate has remained at 1.3% since April 2019.
e share of mortgages in some stage
of the foreclosure process was 0.4%, which
is unchanged from last year. Mortgages
that were 30-59 days past due, or those
considered early-stage delinquencies, was 2%
in November—up from 1.9% in November
2018.
Mississippi had the highest share of
mortgage 30 days or more delinquent for the
month at 7.6%. Oregon and Colorado had the
lowest at 1.9%. North Carolina was found to
have the largest decline at 0.7%.
Of the 10 largest metropolitan areas,
Miami had the highest delinquency rate for
the 30-plus day past-due rate at 5.4%. San
Francisco had the lowest rate at 1.2%.
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