Measuring mortgage delinquency rates is important for analyzing the health of the housing market. Despite recent stress in some areas of the country (mainly in the Midwest), mortgage delinquency rates continue to stay at near-record lows.
Serious mortgage delinquency is defined as when homeowners are 90 days or more past due. It also includes mortgage loans that are in foreclosure. We are fortunate to live in an area where serious delinquencies have fallen year over year.
The chart below shows the latest snapshot of mortgage delinquency rates across the United States. The data is as of the end of November 2019. It is compiled by CoreLogic, which is the leading provider of property insights and solutions.
Overall, the picture is of a very healthy mortgage market. While we expect that trend to continue, we must remember that externalities like natural disasters have the ability to shock the market as they occur.