The percentage of mortgage loan delinquencies in the Upstate region fell year-over-year to just 5% in April.
CoreLogic, a global property information and analytics firm, found that the number of mortgages delinquent by at least 30 days in April 2017 was down from the 5.3% in April 2016.
In CoreLogic’s monthly Loan Performance Insights Report, mortgages in serious delinquency (90+ days past due) totaled 1.7% in April 2017 compared with 2.3% in April 2016. The foreclosure inventory rate for this April was 0.6% compared with 0.9% a year earlier.
In South Carolina, delinquencies of 30+ days were 5.6% in April 2017 down from 6% the previous year. Serious delinquencies in the state were down from 2.8% in April 2016 to 2.2% this year and the foreclosure rate in the state dropped from 1.1% in April 2016 to 0.8% in April 2017.
Nationally, 4.8% of mortgages were in some form of delinquency — a 0.5 percentage point drop from the same time a year ago. Delinquencies 30-59 days past due increased to 2.2% year-over-year while those 60-89 days delinquent were 0.63%, down from 0.64% last year.
"Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases,” said Frank Nothaft, chief economist for CoreLogic, in a news release. “Regionally, with the exception of several energy industry intensive states — Alaska and North Dakota — the rest of the U.S. continues to see improvements in mortgage performance. While overall performance is improving, it reflects the older legacy pipeline of loans that continues to heal, especially in judicial states which typically take longer to clear out.”
CoreLogic’s report found the transition rate — the rate delinquencies move from current to 30 days past due — nationally was up 0.2 percentage points year-over-year to 1.2%. At the peak of the most recent financial crisis, the transition rate was 2%.
Frank Martell, president and CEO of CoreLogic, said trends suggest the continuation of falling delinquency rates across the country.
“As we look forward, improved fundamentals provide us with a firm foundation and we must now increase our attention to carefully expand the supply of affordable housing stock and ensure that mortgage lending policies help to prudently promote first-time homeownership,” Martell said, in the release.