Tri-Cities mortgage delinquency rates posted big year-over-year declines in the current CoreLogic loan performance insights report. A drop in mortgage delinquencies is good news, but the local loan performance was not as strong as the national trend.
Nationwide early-state delinquencies – 30-to-59-days last- dropped to 1.2% from 1.3%
Serious delinquency rates – 60-to-89 days late – dropped 0.3 from 0.5%.
The U.S. foreclosure rate was 0.2%, down from 0.3%.
JOHNSON CITY METRO AREA
The early-stage delinquencies rate was 3.2%, down from 5%.
Serious delinquencies dropped to 1.6% from 3%.
The foreclosure rate dropped to 0.1% from 0.2%.
KINGSPORT-BRISTOL METRO AREA
Early state delinquencies dropped to 3.9% from 5.6%.
The 60-to-89-day late mortgages dropped to 2% from 3.5%.
The foreclosure rate of 0.2% was unchanged.
The drop in the nation’s mortgage delinquency rate began the year with the 10th consecutive month of year-over-year declines. According to CoreLogic, the trend can be attributed to two familiar factors: escalating home prices and a strong job market.
The local housing market has reported two consecutive annual double-digit home price increases. But the labor market has an uneven performance record. The Johnson City metro market has recovered to the pre-pandemic level and added jobs. Kingsport-Bristol’s job creation has not been as strong. It has not recovered to a pre-pandemic level yet.
CoreLogic’s report said that “While government supports and a build-up in equity have helped many avoid foreclosure to date, the U.S. can expect to see an uptick in distressed sales throughout the year as some homeowners struggle to regain footing post-forbearance.”
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