Market Overview

CoreLogic Reports Early-Stage Delinquencies Declined in January as Impact from 2017 Hurricanes and Wildfires Fades

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  • Overall Mortgage Delinquency Rate Fell Year Over Year
  • Early-Stage Delinquencies Fell 0.1 Percentage Points Year Over Year
  • Foreclosure Rate Declined 0.2 Percentage Points Year Over Year

CoreLogic® (NYSE:CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its monthly Loan
Performance Insights Report
which shows that, nationally, 4.9
percent of mortgages were in some stage of delinquency (30 days or more
past due, including those in foreclosure) in January 2018. This
represents a 0.2 percentage point decline in the overall delinquency
rate, compared with January 2017 when it was 5.1 percent.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180410005416/en/

CoreLogic National Overview of Mortgage Loan Performance, featuring January 2018 Data (Graphic: Busi ...

CoreLogic National Overview of Mortgage Loan Performance, featuring January 2018 Data (Graphic: Business Wire)

As of January 2018, the foreclosure inventory rate – which measures the
share of mortgages in some stage of the foreclosure process – was 0.6
percent, down 0.2 percentage points from 0.8 percent in January 2017.
Since August 2017, the foreclosure inventory rate has been steady at 0.6
percent, the lowest level since June 2007, when it was also 0.6 percent.
The January 2018 foreclosure inventory rate was the lowest for the month
of January in 11 years; it was also 0.6 percent in January 2007.

Measuring early-stage delinquency rates is important for analyzing the
health of the mortgage market. To monitor mortgage performance
comprehensively, CoreLogic examines all stages of delinquency, as well
as transition rates, which indicate the percentage of mortgages moving
from one stage of delinquency to the next.

The rate for early-stage delinquencies – defined as 30-59 days past due
– was 2 percent in January 2018, down from 2.3 percent in December 2017
and from 2.1 percent in January 2017. The share of mortgages that were
60-89 days past due in January 2018 was 0.8 percent, unchanged from
December 2017 and up from 0.7 percent in January 2017. The serious
delinquency rate – defined as 90 days or more past due, including loans
in foreclosure – was 2.1 percent in January 2018, unchanged from
December 2017 and down from 2.3 percent in January 2017. The January
2018 serious delinquency rate was the lowest for the month of January
since January 2007, when it was 1.5 percent.

"The areas hit by last year's hurricanes and wildfires are experiencing
the ‘pig in a python' effect on their local delinquency rates.
Early-stage delinquencies have largely dropped back to normal, while
serious delinquency remains elevated," said Dr. Frank Nothaft, chief
economist for CoreLogic. "In hard-hit markets, like the Houston and
Naples metro areas, serious delinquency is triple what it was before the
hurricanes. And in the San Juan area of Puerto Rico, serious delinquency
has quadrupled."

Since early-stage delinquencies can be volatile, CoreLogic also analyzes
transition rates. The share of mortgages that transitioned from current
to 30 days past due was 0.8 percent in January 2018, down from 1.1
percent in December 2017 and down from 0.9 percent in January 2017. This
was the lowest for the month of January since at least 2000. By
comparison, in January 2007, just before the start of the financial
crisis, the current- to 30-day transition rate was 1.2 percent, while it
peaked in November 2008 at 2 percent.

"Except for the metropolitan areas affected by natural disasters, most
of the country has seen delinquency and foreclosure rates move lower
over the past year," said Frank Martell, president and CEO of CoreLogic.
"Declines in the unemployment rate have supported a rise in income, and
home-price growth has built home equity. These two economic forces
coupled with high-quality underwriting have lowered overall delinquency
rates."

For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights.

Methodology

The data in this report represents foreclosure and delinquency activity
reported through January 2018.

The data in this report accounts for only first liens against a property
and does not include secondary liens. The delinquency, transition and
foreclosure rates are measured only against homes that have an
outstanding mortgage. Homes without mortgage liens are not typically
subject to foreclosure and are, therefore, excluded from the analysis.
Approximately one-third of homes nationally are owned outright and do
not have a mortgage. CoreLogic has approximately 85 percent coverage of
U.S. foreclosure data.

Source: CoreLogic

The data provided is for use only by the primary recipient or the
primary recipient's publication or broadcast. This data may not be
re-sold, republished or licensed to any other source, including
publications and sources owned by the primary recipient's parent company
without prior written permission from CoreLogic. Any CoreLogic data used
for publication or broadcast, in whole or in part, must be sourced as
coming from CoreLogic, a data and analytics company. For use with
broadcast or web content, the citation must directly accompany first
reference of the data. If the data is illustrated with maps, charts,
graphs or other visual elements, the CoreLogic logo must be included on
screen or website. For questions, analysis or interpretation of the
data, contact Alyson Austin at newsmedia@corelogic.com
or Allyse Sanchez at corelogic@ink-co.com.
Data provided may not be modified without the prior written permission
of CoreLogic. Do not use the data in any unlawful manner. This data is
compiled from public records, contributory databases and proprietary
analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE:CLGX) is a leading global property information,
analytics and data-enabled solutions provider. The company's combined
data from public, contributory and proprietary sources includes over 4.5
billion records spanning more than 50 years, providing detailed coverage
of property, mortgages and other encumbrances, consumer credit, tenancy,
location, hazard risk and related performance information. The markets
CoreLogic serves include real estate and mortgage finance, insurance,
capital markets, and the public sector. CoreLogic delivers value to
clients through unique data, analytics, workflow technology, advisory
and managed services. Clients rely on CoreLogic to help identify and
manage growth opportunities, improve performance and mitigate risk.
Headquartered in Irvine, Calif., CoreLogic operates in North America,
Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc.
and/or its subsidiaries.

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