Mortgage delinquencies in the Salt Lake City market dropped again in October, according to the latest numbers from CoreLogic, a California-based real estate information and analytics firm. Locally, home loans in some degree of delinquency dropped from 3.4 percent in October 2016 to 2.8 percent in October 2017, CoreLogic’s “Loan Performance Insights Report” said. The October rate was also down from September when 3 percent of all mortgages were delinquent.
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 October to 2.3 percent after rising in September
“After rising in September, early-stage delinquencies declined by 0.1 percentage point 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 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. Texas markets such as Houston, Beaumont, Victoria and Corpus Christie peaked at over 7 percent in September, but were on the mend and improving in October.”