Wednesday, March 27, 2024
Hawai'i Free Press

Current Articles | Archives

Monday, March 8, 2021
CoreLogic: Hawaii Mortgage Delinquency Jumps 4.1%
By News Release @ 11:35 PM :: 2396 Views :: Economy, Hawaii Statistics

CoreLogic: Mortgage Delinquency Rates Hit Record Highs and Lows in 2020

News Release from CoreLogic, March 8, 2021

CoreLogic recently released its monthly Loan Performance Insights Report for December 2020.

On a national level, 5.8% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), which represents a 2.1-percentage point increase in the overall delinquency rate compared to December 2019, when it was 3.7%. However, national overall delinquency has been declining month to month since June 2020.

To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency, including the share that transitions from current to 30 days past due. In December 2020, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:

– Early-Stage Delinquencies (30 to 59 days past due): 1.4%, down from 1.8% in December 2019.

– Adverse Delinquency (60 to 89 days past due): 0.5%, down from 0.6% in December 2019.

– Serious Delinquency (90 days or more past due, including loans in foreclosure): 3.9%, up from 1.2% in December 2019.

– Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, down from 0.4% in December 2019.

– Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.8%, unchanged from December 2019.

2020 began with the lowest share of overall delinquencies (30-plus days past due) since data recording started in 1999, but as the pandemic and shelter-in-place directives spread, the rate doubled from 3.6% in March to 7.3% in May. As those initially affected by the pandemic and ensuing recession transitioned through stages of delinquency, serious delinquencies (90-plus days past due) increased four-fold compared to pre-pandemic rates, peaking in August.

“The ongoing forbearance provisions and economic aid implemented at the start of the pandemic has proved helpful for families faced with financial insecurity,” said Frank Martell, president and CEO of CoreLogic.

“Places with large job losses during the last year also experienced big jumps in mortgage delinquencies,” said Dr. Frank Nothaft, chief economist at CoreLogic. “By state, Hawaii and Nevada had the largest 12-month spike in delinquency rates, both up 4.1 percentage points. They also had large increases in unemployment rates, up 6.6 percentage points in Hawaii and 5.5 percentage points in Nevada compared with 3.1 percentage points for the U.S. In Odessa, Texas, unemployment rose by 8.6 percentage points and delinquencies posted a 9.8 percentage-point jump.”

State and Metro Takeaways:

– All U.S. states and nearly all metro areas logged increases in annual overall delinquency rates in December.

Hawaii and Nevada (both up 4.1 percentage points) logged the largest annual increase in overall delinquency rates.

– Among metros, Odessa, Texas, experienced the largest annual increase with 9.8 percentage points, largely due to significant job loss in the oil industry.

– Other metro areas with significant overall delinquency increases included Lake Charles, Louisiana (up 7.6 percentage points); Midland, Texas (up 7.5 percentage points) and Kahului, Hawaii (up 6.8 percentage points).

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT