Mortgage Delinquency Rates Declined Further in March 2022

According to CoreLogic’s latest loan performance report, which was released on Tuesday (6-14-22), approximately 2.7% of all mortgages in the U.S. were delinquent in March—a new historic low for the report. Year-over-year, it is a decline of -2.2% from the 4.9% posted in March of 2021. According to the report, this decrease is due to a strong labor market and income growth, which has helped to lower the number of property owners who are behind on their mortgage payments.

All 50 states posted annual declines in their overall mortgage delinquency rate. Louisiana had the highest rate of 5.1% in March, dropping 3 percentage points from March 2021. Mississippi followed with a mortgage delinquency rate of 4.8%, and New York trailed with 4.3% in March this year.