CoreLogic has released its November 2022 Loan Performance Insights Report. In November, 2.9% of all mortgages in the U.S. were delinquent (30 days or more past due, including foreclosures), an improvement of 0.7 percentage points over November 2021 when 3.6% of mortgage loans were delinquent.

CoreLogic examines all stages of delinquency to gain a comprehensive view of the mortgage market. Following are the U.S. delinquency and transition rates for November 2022, and their changes over the previous year:

• Increase in Early-Stage Delinquencies (past due for 30 to 59 days): 1.4% from 1.2% in November 2021.
• Increase in Adverse Delinquency (past due for 60 to 89 days): 0.4% from 0.3% in November 2021.
• Decrease in Serious Delinquency (past due for 90 days or more, loans in foreclosure included): 1.2% from 2% in November 2021 and a high of 4.3% in August 2020.
• Increase in Foreclosure Inventory Rate (mortgage share in some stage of the foreclosure process): 0.3% from 0.2% in November 2021.
• Increase in Transition Rate (mortgage share that transitioned from current to past due of 30 days): 0.7% from November 2021.

In November 2022, the overall mortgage delinquency rate was 2.9% and the foreclosure rate was 0.3%, both near record lows. The number of late mortgage payments surpassed six in October but only one in September, even as national mortgage delinquencies dipped for the 20th consecutive month on an annual basis. Although home prices have slowed in recent months, most owners are still in good shape due to high equity levels. The CoreLogic Home Equity Report, issued in the third quarter of 2022, shows that U.S. homeowners with mortgages gained an average of $34,300 in equity from the previous year.