The overall U.S. Mortgage Delinquency Rate hit its lowest point in 20 years according to CoreLogic's recent Loan Performance Insights analysis.
"Home price growth builds homeowner equity and reduces the likelihood of a loan entering foreclosure," said Dr. Frank Nothaft, chief economist at CoreLogic, according to the report.
"The national CoreLogic Home Price Index recorded a 3.3% annual rise in values through October 2019, and price growth was the primary driver of the $5,300 average gain in equity reported in the latest CoreLogic Home Equity Report."
There was an overall decline of 0.4% in the delinquency rate for October 2019 and the report also noted that no states across the U.S. posted a year-over-year increase in the overall delinquency rate. North Carolina and Mississippi recorded the largest annual decreases with eight other states coming in with substantial decreases.
"While the nation’s serious delinquency rate remains at a 14-year low, 14 metropolitan areas recorded small annual increases in their serious delinquency rates. Metros with the largest increases were Panama City, Florida (0.4 percentage points) and Dubuque, Iowa (0.2 percentage points)," according to the report.
"The remaining 12 metro areas each logged an annual increase of 0.1 percentage point."
To learn more about the historic numbers and more about CoreLogic's Loan Performance Insights, click here.