It’s a tough time for the crash bros. First data shows home price growth accelerating and now mortgage delinquencies have fallen to an all-time low, according to the CoreLogic Loan Performance Insights report…(CoreLogic)
- In December 2021, 3.3% of mortgages were delinquent by at least 30 days or more including those in foreclosure.
- This is down 2.4 percentage points from December 2020.
Even better news, delinquencies fell in every category including foreclosures…
- 30-59 days were down 0.2 percentage points to 1.2%, 60-89 days were also down 0.2 percentage points to 0.3%, 90-119 days were down 0.4 percentage points to 0.3%, and 120+ were down 1.6 percentage points to 1.6%.
- Foreclosures, which were already low, fell even lower with a 0.1 percentage point drop to 0.2%.
All states posted annual decreases in their overall delinquency rates in December 2021 as the employment picture improved across the country. Louisiana had the highest rate at 6.7% followed by Mississippi (5.9%) and New York(5.1%)
- On the flipside, Idaho had the lowest rate at 1.7% followed by South Dakota, Utah, and Montana all at 1.9%.
Record homeowner equity along with record growth and a tight labor market equals falling delinquency rates. Sorry crash bros. Looks like that 2008 housing crash redux is not going to be happening this year.