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CoreLogic: US Mortgage Delinquency Rate Hovers Near Record Low in February

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for February 2023.

For the month of February, 3% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.4 percentage point decrease compared with 3.4% in February 2022 and a 0.2 percentage point increase compared with January 2023.

To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In February 2023, the U.S. delinquency and transition rates and their year-over-year changes, were as follows:

The national mortgage delinquency rate has barely changed year over year since the spring of 2022, indicating a fairly stable economy in which most borrowers are able to pay their mortgages on time. Similarly, the U.S. foreclosure rate has held steady at 0.3% for a year. And while the unemployment rate remained near a pre-pandemic low in March, it is possible that mortgage delinquency rates could begin to creep up later this year, as the impact of recent job losses begin to affect the numbers several months later.

"Despite a small monthly increase in the share of mortgage payments that were one month late in February, early-stage delinquencies remained unchanged year over year," said Molly Boesel, principal economist at CoreLogic. "February's early-stage delinquency rate was historically low and primarily driven by a strong job market. However, the possibility of a recession that would raise the U.S. unemployment rate could slightly erode the current strong mortgage performance situation in the coming months."

State and Metro Takeaways:

The next CoreLogic Loan Performance Insights Report will be released on May 25, 2023, featuring data for March 2023. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.


The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through February 2023. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at [email protected]. For sales inquiries, please visit https://www.corelogic.com/support/sales-contact/. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

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