The U.S. housing market is inching closer to recovery from the Great Recession, according to CoreLogic’s latest Loan Performance Insights Report.
CoreLogic reported that as of August, 4.6 percent of mortgages in the U.S. were 30 days or more past due, including mortgages in foreclosure — a 0.6 percent decline from 5.2 percent in August 2016.
The foreclosure inventory rate, which was 0.6 percent in August, is also down 0.9 percent from last year’s 1.5 percent. This rate shows how many mortgages are in a stage of the foreclosure process.
According to the report, released Nov. 14, this is the lowest August foreclosure inventory rate since 2006, when it was 0.5 percent nationally.
The only state that saw an increase in rates year-over-year was Alaska, due to a drop in crude oil prices since 2014, according to the report.
In Colorado, the total mortgage delinquency rates for 30 days or more was 2.1 percent as of August, down 0.4 percent since last year.
Colorado Springs is doing well compared with the U.S. as a whole, but its mortgage delinquency rates are higher than the Colorado average. In August, Colorado Springs saw a 2.7 percent rate of mortgages past due by 30 days or more, down from a rate of 3.1 percent last year.
Mortgages past due by 90 days or more stood at 0.9 percent in August, down from 1.3 percent last year in Colorado Springs.
Colorado Springs’ foreclosure inventory was 0.2 percent in August this year, down from 0.4 percent in August 2016.
Delinquency rates for 90 days or more and foreclosure inventory are at their lowest levels in a decade, CoreLogic President and CEO Frank Martell said in the report.
“[This is] signaling the final stages of recovery in the U.S. housing market,” he said. “As the construction and mortgage industries move forward, there needs to be not only a ramp up in homebuilding, but also a focus on maintaining prudent underwriting practices to avoid repeating past mistakes.”
Based in California, CoreLogic provides property, financial and consumer information and analytics.