Low levels of locking

The national foreclosure rate has officially hit its lowest point in at least 20 years. What about underwater global mortgages? These are also on the decline, according to new data.

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Foreclosures hit record high

According to new data from CoreLogic, the number of mortgages at some stage of foreclosure is only 0.4 percent. This is the lowest rate since January 1999.

Overall, mortgage delinquencies – or the number of mortgages with at least 30 days late on payments – are also on the decline. Only 4 percent of homeowners are delinquent, up from 4.3 percent last year.

Only 1.3 percent of mortgages are 90 days or more past due – the lowest serious default rate in over 19 years.

According to Frank Nothaft, chief economist at CoreLogic, high home values ​​have helped keep more homeowners out of the water.

“A strong economy and more than eight years of house price growth have made mortgage foreclosure a rare occurrence,” Nothaft said. “This backdrop will help the mortgage market limit defaults in most of the country whenever a downturn is expected to begin.”

How to buy a foreclosed house

Counter the trend

Delinquencies are not on the decline everywhere, however. In fact, according to CoreLogic data, there are waiting areas where mortgage delinquencies are increasing.

In Janesville, Wisconsin, delinquent mortgages increased 2.5% between June 2018 and June 2019, and in Pine Bluff, Arkansas, they jumped 1.6%.

Late on your mortgage? Try a claim advance

Other cities to record gains were Panama City, Florida; Altoona, Pennsylvania; Kokomo, Indiana; Alexandria, Louisiana; and Jacksonville and Goldsboro, North Carolina.

As Frank Martell, CEO of CoreLogic, explains, “As the country continues to post near-record mortgage default rates, we are seeing signs of stress emerging in some states. We’ve seen rates climb in states like Vermont, New Hampshire, Nebraska, and Minnesota that weren’t linked to a natural disaster.

Check your new rate (November 2, 2021)

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Check your new rate (November 2, 2021)

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