Residential Real Estate Mortgage Delinquencies Continue to Rise Nationwide, but Not in Phoenix

Article originally posted on Phoenix Business Journal on January 13, 2021

While mortgage delinquencies continue to rise nationwide, the rate is falling in metro Phoenix.

Borrowers continue to move through the delinquency funnel, with October 2020’s serious delinquency rate reaching over three times that of October 2019 nationwide, according to CoreLogic Inc.’s (NYSE: CLGX) latest Loan Performance Insights report.

But in metro Phoenix, the overall delinquency rate was down to 4.5% in October, from a high of 5.3% in May 2020, but still up from 2.4% in October 2019, CoreLogic economist Molly Boesel said.

The delinquency rate in metro Phoenix is below the nation’s 6.1% for October 2020, she said.

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