Phoenix-area mortgage delinquency and foreclosure rates among the lowest in the nation
A robust job market and strong economy are contributing lower mortgage delinquency and foreclosure rates in the Phoenix area and across Arizona that continued to fall in June, according to a new report from CoreLogic.
The report found that metro Phoenix’s overall delinquency rate in June was at 2.6 percent for homeowners more than 30 days behind on a mortgage payment, down from 2.8 percent in June 2017. Serious delinquencies—described as more than 90 days past due—were at 0.7 percent for the region, down from 0.8 percent in June 2017.
Statewide, rates were a bit higher. Delinquency rates in June were 3.1 percent, serious delinquencies were 1 percent and foreclosures were at 0.3 percent, a far cry from 2009, when Arizona’s foreclosure rate was 6.12 percent.
Nationwide, delinquency rates stood at 4.3 percent and foreclosures were at 0.5 percent according to the CoreLogic report. Nationally, serious delinquencies were at 1.7 percent, the lowest level for June in 11 years, according to the report.
According to a statement from Frank Northaft, chief economist for CoreLogic, only natural disasters like those experienced in Florida and Texas last year, have increased delinquency rates.
CoreLogic is a leading provider of consumer, financial and property data, analytics and services to business and government.
Phoenix mortgage delinquency and foreclosure rates drop