Chowchilla has enacted a program that could lead to foreclosure for owners who do not keep their property up to code.

published on January 9, 2018 - 12:54 PM
Written by The Business Journal Staff

Central Valley homeowners continue to do a better job keeping up with their mortgage payments, according to the latest data from real estate analytics firm CoreLogic.

In Fresno, 4.2 percent of mortgages were delinquent by at least 30 days in October 2017, down from 4.6 percent in October 2016. Mortgages in serious delinquency (90-plus days past due) totaled 1.2 percent that month compared to 1.6 percent the year prior.

Kings County’s mortgage delinquency rate was 5.1 percent in October, down from 5.3 percent in October 2016. The serious delinquency rate was 1.4 percent that month, down from 1.9 percent the year prior.

The October delinquency rate in Tulare County was 4.9 percent, down from 5.1 percent the year prior. Serious delinquencies totaled 1.4 percent, down from 1.7 percent in October 2016.

Madera’s delinquency rate in October was 4.5 percent, down from 4.7 percent the year prior. Serious delinquencies were at 1.4 percent compared to 1.7 percent in October 2016.

Nationally, 5.1 percent of mortgages were in some stage of delinquency in October 2017. This represents a 0.1 percentage point year-over-year decline in the overall delinquency rate compared with October 2016 when it was 5.2 percent.

“After rising in September, early-stage delinquencies declined by 0.1 percentage points month over month in October. The temporary rise in September’s early-stage delinquencies reflected the impact of the hurricanes in Texas, Florida and Puerto Rico, but now the impact from the hurricanes is fading from a national perspective,” said Dr. Frank Nothaft, chief economist for CoreLogic. “While the national impact is waning, the local impact remains. Some Florida markets continue to see increases in early-stage delinquency transition rates in October, reaching 5 percent, on average, in Miami, Orlando, Tampa, Naples and Cape Coral. Texas markets such as Houston, Beaumont, Victoria and Corpus Christie peaked at over 7 percent in September, but are on the mend and improving in October.”

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