U.S. Overall Delinquency Rate Drops Slightly In December

• The share of loans 30 or more days past due in December ticked down from the prior month but did not change year over year.

• The nation’s serious delinquency rate remained unchanged year over year.

• The U.S. foreclosure rate dropped slightly in December compared to last year.

IRVINE, Calif., February 27, 2024—CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for December 2024.

In December 2024, 3.1% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), unchanged from December 2023. CoreLogic also examines the foreclosure inventory rate, which was 0.2% in December 2024, down 0.1% from December 2023, matching the lowest ever for any month since at least January 1999. The foreclosure rate has been between 0.2% and 0.3% since 2020.

CoreLogic examines all delinquency stages to gain a complete view of the mortgage market and loan performance health. In December 2024, 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): 1.6%, unchanged from 1.6% in December 2023.

• Adverse Delinquency (60 to 89 days past due): 0.5%, unchanged from December 2023.

• Serious Delinquency (90 days or more past due, including loans in foreclosure): 1%, unchanged from December 2023. The December 2024 serious delinquency rate of 1% continues its downward trend from a high of 4.3% in August 2020.

• Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in December 2023.

• Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.8%, down from 0.9% in December 2023.

Overall, the nation’s overall delinquency was unchanged on a year-over-year basis. As home prices keep climbing in the U.S., many homeowners continue to acquire equity, which can be used to help borrowers pay their bills in times of need. Although there are persistent pockets of serious delinquency, the 55% decrease in the number of metros recording delinquencies is a bright spot for homeowners and an indication of the strength of the U.S. economy and labor market.

“National-level delinquency rates for December show a mortgage market with strong performance, with 97% of borrowers making on-time payments. The rate is unchanged from a year earlier and a bit better than a month earlier,” said Molly Boesel, principal economist for CoreLogic. “Drilling down to the metro level, some promising trends emerged with the number of metropolitan areas showing increases in delinquencies falling from 80% in November to 36% in December. Strong mortgage performance reflects a strong economy and labor market.”

State and Metro Takeaways:

• In December 2024, 10 states logged year-over-year increases in overall mortgage delinquency rates. The states with the largest gains were Florida (up by 0.7 percentage points), South Carolina (up by 0.4 percentage points) and North Carolina and Georgia (both up by 0.3 percentage points). All other states ranged between -0.4 and 0.2 percentage points.

• 137 out of 384 U.S. metro areas posted increases in overall year-over-year delinquency rates in December. The metro with the largest delinquency rate increase was Asheville, NC (up by 3.0 percentage points), followed by Tampa-St. Petersburg-Clearwater, Florida (up 2.0 percentage points) and Augusta-Richmond County, Georgia-South Carolina (up 1.9 percentage points). All other year-over-year changes ranged between -2.2 and 1.6 percentage points.

• In December, 144 U.S. metro areas posted an annual increase in serious delinquency rates (defined as 90 days or more late on a mortgage payment). The metros that posted annual serious delinquency increases were Asheville, North Carolina (up by 1.4 percentage points), Augusta-Richmond County, Georgia – South Carolina (up 1.2 percentage points),  and Tampa-St. Petersburg-Clearwater, Florida and Valdosta, Georgia (both up by 0.1 percentage points). All other year-over-year changes ranged between -1.8 and 0.9 percentage points.

The next CoreLogic Loan Performance Insights Report will be released on May 29, 2025, featuring data for March 2025. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.

Methodology

The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through December 2024. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

Source: CoreLogic

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