In September, 3.9% of all mortgages in the U.S. were 30 days or more past due, with some in foreclosure, according to the latest Loan Performance Insights report from CoreLogic.
 
This represents a 2.4-percentage point decrease compared to September 2020, when it was 6.3%. The delinquency rate in September 2019 was 3.8%. 
 
Key findings:
 
- Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.5% in September 2020
 
- Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.7% in September 2020
 
- Serious Delinquency (90 days or more past due, including loans in foreclosure): 2.4%, down from 4.2% in September 2020
 
- Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in September 2020—the lowest foreclosure rate since 1999
 
- Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.8% in September 2020
 
The takeaway:
 
"Record home equity levels have been a boon to many homeowners navigating the cross currents of the pandemic," said Frank Martell, president and CEO of CoreLogic, in a statement. "Not only have homeowners used this equity to fuel a record level of home improvements and renovation, but it has also proven to be a vital factor in helping families ward off foreclosure, pay down existing debt and weather changing market conditions."
 
"The economic recovery has pushed down the percent of delinquent borrowers to the lowest level since the pandemic began," said Dr. Frank Nothaft, chief economist at CoreLogic, in a statement. "The number of borrowers past due on their mortgage doubled between March and May 2020.  The past due rate in September 2021 was the lowest since March 2020."

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