The Consumer Financial Protection Bureau (CFPB) announced in late October that it has launched a new tool for tracking mortgage delinquencies nationwide.
The new Mortgage Performance Trends toolis free and available to the public. It features interactive charts and graphs with data on delinquency rates at the county and metro-area levels for all 50 states plus the District of Columbia.
What Does the Data Include?
The tool is built with data from the National Mortgage Database, established by the CFPB and the Federal Housing Finance Agency. Its interactive charts and maps track monthly changes in two categories of delinquency rates going back to 2008.
The first category consists of borrowers who are 30-89 days behind on their mortgage payments, which typically means they’ve missed one or two payments. The second category consists of those who are 90 or more days past due on their mortgage payments.
What Trends Does the Data Reveal?
Two important trends the data has thus far revealed, according to a CFPB announcement are:
1. Rates of serious delinquency are at the lowest level they’ve been since the financial crisis. The national rate of serious delinquency had dropped to 1.1% by March of this year, from its peak of 4.9% in 2010.
2. Most states that were hardest hit by the housing crisis have steadily recovered. Here are some states’ current serious delinquency rate compared to their highs following the financial crisis:
-California, 7.5% to below 1%
-Arizona, 7.6% to below 1%
-Nevada, 10.7% to 1.2%
-Florida, 9% to1.4%
Champion Title & Settlements
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