Today CoreLogic, released its monthly loan performance insights Report for March 2021. The president and CEO of CoreLogic, Frank Martell, said that as the economic effects of the pandemic begin to decrease homeowners are catching up on their debt, which is another sign of overall recovery.

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The U.S Overall Delinquency Hits Lowest Level
Today CoreLogic, released its monthly loan performance insights Report for March 2021.
The president and CEO of CoreLogic, Frank Martell, said that as the economic effects of the pandemic begin to
decrease homeowners are catching up on their debt, which is another sign of overall recovery.
4.9% of all mortgages in the U.S. were in some stage of delinquency for the month of March, showing a 1.3-
percentage point increase in overall delinquency rate in comparison to March 2020. Since last March when it was
3.6% this month’s overall delinquency is at its lowest rate.
CoreLogic examined all stages of delinquency to gain an accurate view of the mortgage market and loan
performance health. the U.S. delinquency and transition rates, and their year-over-year changes in March 2021,
are as follows:
* Early-Stage Delinquencies — due past 30 to 59 days, is at 1%, which was at 1.9% in March 2020.
* Adverse Delinquency — due past 60 to 89 days is at 0.4%, which was at 0.6% last year.
* Serious Delinquency past 90 days or more and loans in foreclosure is at 3.5%, which rose up from 1.2% in March
2020.
* Foreclosure Inventory Rate which is the number of mortgages in some stage of the foreclosure process is at
0.3%, lower from 0.4% same time last year.
* Transition Rate is the share of mortgages that transitioned from current to 30 days past due dropped to 0.4%,
from 1% in March 2020.
The third round and disbursement of government stimulus checks along with the extension of forbearance
programs has helped to the lowest national delinquency rate in a year in March 2021.
Because of this financial padding, many homeowners were able to get rid of their other debt.
A recent CoreLogic survey showed that along with 89% of people saying they are current on their mortgage
payments, close to 70% said they have credit card debt of which, only 15% fell behind on payments in the past
year.
From February to March, the overall mortgage delinquency in the U.S. reduced significantly and so did the rates for
nearly every other stage of delinquency compared to a year ago.

2. The chief economist at CoreLogic, Dr. Frank Nothaft, said, in March many forces came together to help the largest
one-month improvement in the overall delinquency rate from the time the pandemic started.
In March along with government support, and stimulus payments, and mortgage forbearance programs, the
economy added 770,000 jobs, which is the largest increase since August of 2020.
State and Metro Takeaways:
In March all U.S. states and almost all metro areas recorded an increase in annual overall delinquency
rates.
Hawaii and Nevada also showed an annual increase in overall delinquency rates with 3.2 and 3 percentage
points, respectively.
Among metros, Odessa, Texas, is still recovering from job losses in the oil industry. They had the largest
annual overall delinquency increase of 7.9 percentage points.
Other metro areas with delinquency increases were Midland, Texas with 6.1 percentage points, Kahului,
Hawaii with 5.2 percentage points rise, and Lake Charles, Louisiana with 4 percentage points rise.
Reference Source: CoreLogic
https://www.compareclosing.com/mortgagenews/the-u-s-overall-delinquency-hits-lowest-level/