Kingsport-Bristol, Johnson City MSA delinquent mortgage rates drop to four-year low


The number of Tri-Cities seriously delinquent mortgages have dropped to four-year lows.

According to CoreLogic’s current Foreclosure and Delinquent Mortgage Report, the number of delinquent mortgages in Kingsport-Bristol have dropped 2.1 points since their January 2010 high. The decline is slightly better, down 2.5 points, in the Johnson City MSA.

Declines in both of the region’s metro areas are moving independently of the jobs and wages that began showing up late last year. Their trend began arching lower in January of 2012 just like the foreclosure rate. Both are now back to pre-recession levels.

The CoreLogic data show that the rate of Kingsport-Bristol-Bristol area foreclosures among outstanding mortgage loans was 0.58% in March, a decrease of 0.08 points compared to March of 2014 when the rate was 0.66%.

The report also shows 2.76% of mortgage loans were 90 days or more delinquent compared to 3.19%t for the same period last year, representing a decrease of 0.43 points.

Foreclosures in the Johnson City metro area was 0.61%, down 0.01 points from last year. The mortgage delinquency rate decreased was 2.66% compared to 3.03% last year. representing a decrease of 0.37 percentage points.

Foreclosures and delinquent mortgages in both Tri-Cities metro areas were lower than the national level. The national foreclosure rate was 1.13% and the delinquent mortgage rate was 3.16%.

Tennessee’s foreclosure rate was 0.49% and the delinquent mortgage rate was 3.21%.

Data Notes and Definitions

90+ Day Delinquency Rate: This measures the percentage of loans that are more than 90 days delinquent, including those in foreclosure and REO (real estate owned).

Foreclosure Rate: This measures the percentage of loans in some stage of the foreclosure process. This does not represent the number of new foreclosure filings, but rather the current stock, or inventory, of loans in the foreclosure process which offers a comprehensive view of foreclosure trends. CoreLogic has approximately 85 percent coverage of foreclosure data.

RealtyTrac’s foreclosure filings report showed a substantial increase in REO filings during the first three months of this year as banks are cashing in on increased existing home sales.

Distressed sales trending higher, put downward pressure on price appreciation

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