Mortgage Delinquency Rates Hit Lowest Level Since The Financial Crisis.
Just 5 percent of U.S. homeowners were behind on their mortgage payments by 30 days or more (including those in foreclosure) in February, according to an analysis by data company Corelogic. It’s the lowest delinquency rate since September 2007, the company says. This represents a 0.5 percentage point decline in the overall delinquency rate compared with February 2016 when it was 5.5 percent.
As of February 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1.1 percent in February 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.2 percent in February 2017, down from 2.8 percent in February 2016.
Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.
Early-stage delinquencies, defined as 30-59 days past due, were trending slightly higher in February 2017 at 2.14 percent compared with 2.08 percent in February 2016, an increase of 0.06 percent year over year. The share of mortgages that were 60-89 days past due in February 2017 was 0.7 percent, unchanged from a year earlier. Read more from FORBES.
Easy Way to Save a Bundle on Your Next Home
Do you see yourself with a yard and a white picket fence — or a fancy front door and a fireplace? If so, you’re not alone. One in four Americans (about 59 million) are considering buying a home this year, according to a new Bankrate.com report, and older millennials, Gen Xers, and minorities are leading the charge.
Before you put your name on that mailbox, there are a few important things to consider first. Read more at NBCNEWS
Oregon & Washington Real Estate Update
OREGON:
The median home value in Oregon is $304,800. Oregon home values have gone up 12.1% over the past year and Zillow predicts they will rise 2.6% within the next year. The median list price per square foot in Oregon is $193. The median price of homes currently listed in Oregon is $327,990. The median rent price in Oregon is $1,650.
Foreclosures will be a factor impacting home values in the next several years. In Oregon 3.4 homes are foreclosed (per 10,000). This is greater than the national value of 1.5
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Oregon is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Oregon homeowners underwater on their mortgage is 0.1%.
WASHINGTON:
The median home value in Washington is $326,500. Washington home values have gone up 10.4% over the past year and Zillow predicts they will rise 4.6% within the next year. The median list price per square foot in Washington is $183. The median price of homes currently listed in Washington is $325,000. The median rent price in Washington is $1,800.
Foreclosures will be a factor impacting home values in the next several years. In Washington 2.9 homes are foreclosed (per 10,000). This is greater than the national value of 1.5
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Washington is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Washington homeowners underwater on their mortgage is 0.1%.
VMG Mortgage Rate Tracker
Mortgage rates are still low historically and a great time to buy or refinance. Overall stagnant since the rise after election, but still very low.
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