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Most recent market newsTuesday, December 19
CoreLogic Loan Performance Insights
30 days or more delinquent – national
The 30 days or more delinquency rate for September 2016 was 5.2 percent. In September 2017, 5 percent of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 0.2 percentage point decline in the overall delinquency rate compared with September 2016.Loan performance – national
As of September 2017, the foreclosure inventory rate was 0.6 percent down from 0.8 percent in September 2016.Transition rates – national
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The share of mortgages that transitioned from current to 30-days past due was 1.3 percent in September 2017, up from 0.9 percent in September 2016. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and peaked in November 2008 at 2 percent.
“September’s early-stage delinquency rate increased by 0.3 percent from a year ago, the largest increase since June 2009,” said Frank Nothaft, chief economist at CoreLogic.
“This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico. September’s early-stage delinquency transition rate rose to 2.6 percent in Texas and it rose to 3.2 percent in Florida, which is higher than the 1 percent that’s typical for both states.
“Texas and Florida’s early-state delinquency transition rates in September are much lower than New Orleans in September 2005 when the transition rate reached 17.4 percent as a result of Hurricane Katrina.”
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Building permits
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,298,000. This is 1.4 percent (±1.7 percent) below the revised October rate of 1,316,000, but is 3.4 percent (±2.3 percent) above the November 2016 rate of 1,255,000. Single-family authorizations in November were at a rate of 862,000; this is 1.4 percent (±1.6 percent) above the revised October figure of 850,000. Authorizations of units in buildings with five units or more were at a rate of 395,000 in November.Housing starts
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,297,000. This is 3.3 percent (±9.1 percent) above the revised October estimate of 1,256,000 and is 12.9 percent (±11.7 percent) above the November 2016 rate of 1,149,000. Single-family housing starts in November were at a rate of 930,000; this is 5.3 percent (±10.2 percent) above the revised October figure of 883,000. The November rate for units in buildings with five units or more was 359,000.Housing completions
Privately-owned housing completions in November were at a seasonally adjusted annual rate of 1,116,000. This is 6.1 percent (±10.4 percent) below the revised October estimate of 1,189,000 and is 7.2 percent (±12.5 percent) below the November 2016 rate of 1,203,000. Single-family housing completions in November were at a rate of 752,000; this is 4.6 percent (±12.0 percent) below the revised October rate of 788,000. The November rate for units in buildings with five units or more was 353,000.Email market reports to press@inman.com.
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