Though still high, mortgage delinquencies down in Louisiana

May boasted the lowest mortgage delinquency rates in years, and Florida was the only state to see an increase in delinquencies year over year.
Across the country, 4.2% of mortgages in May were in some stage of missing payments, a decline in the delinquency rate compared with the 4.5% seen in May 2017, according to a recent report from CoreLogic, an analytics firm.  
The rate for early-stage delinquencies–defined as 30 to 59 days past due–was 1.8% in May, down from 1.9% in May 2017.
In Louisiana, early stage delinquency was at 7%, down from 7.5% last year. Later stage delinquencies, 60 to 89 days past due, were also down, sitting at 2.9%, compared to 3.4% the year before. However, Louisiana had the second highest delinquency rate for the month, behind only Mississippi.
Nationally, the share of later stage delinquencies in May was 0.6%, unchanged from May 2017.
“While the strong economy has nudged serious delinquency rates to their lowest level in 12 years, areas hit by natural disasters have had increases,” says Frank Nothaft, chief economist for CoreLogic. “The tragic wildfires in the West will likely lead to a spike in delinquencies in hard-hit neighborhoods.”
Read the full report.