Delinquencies Finally Drop to Pre-Pandemic Levels as Incomes Grow

Delinquencies Finally Drop to Pre-Pandemic Levels as Incomes Grow

CoreLogic is tying the current mortgage delinquency rate, which is back to pre-pandemic levels , to growth in the nation’s income. The company says the national rate, indicating the percentage of mortgages that were 30 days or more past due or in foreclosure, dropped to 3.6 percent in November. This was down 2.3 percentage points from the November 2020 5.9 percent level. The company says that, for the first time since the onset of the pandemic, delinquencies nationwide dropped below the March 2020 level of 3.6 percent, calling it a sign that mortgage performance is following the nation’s income growth. At the same time, foreclosure rates remain at historic lows due to the high level of equity borrowers have from the recent record-breaking home price increases. “These factors combine