PhotoAlthough many people are still behind in their mortgage payments, the delinquency rate continues to fall.

In its monthly loan performance report, property information provider CoreLogic says that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in July.

That's a decline of 0.9 percent from a year earlier when it was 5.5 percent.

The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent -- a year-over-year drop of 0.9 percent and the lowest since the rate was also 0.7 percent in July 2007.

"While the U.S. foreclosure rate remains at a 10-year low as of July, the rate across the 100 largest metro areas varies from 0.1 percent in Denver to 2.2 percent in New York," said CoreLogic Chief Economist Dr. Frank Nothaft.

"Likewise, the national serious delinquency rate remains at 1.9 percent, unchanged from June, and when analyzed across the 100 largest metros, rates vary from 0.6 percent in Denver to 4.1 percent in New York."

Delinquency by stage

The national rate for early-stage delinquencies -- 30-59 days past due -- was 2 percent in July, down 0.3 percent from July 2016.

The share of mortgages 60-89 days past due was 0.7 percent, the same as a year earlier.

The serious delinquency rate (90 days or more past due) fell from 2.5 percent in July 2016 to 1.9 percent this past July and remains near the 10-year low of 1.7 percent reached in July 2007.

Alaska was the only state to experience a year-over-year increase in its serious delinquency rate.

"Even though delinquency rates are lower in most markets compared with a year ago, there are some worrying trends," said CoreLogic CEO Frank Martell. "For example, markets affected by the decline in oil production or anemic job creation have seen an increase in defaults. We see this in markets such as Anchorage, Baton Rouge and Lafayette, Louisiana where the serious delinquency rate rose over the last year."


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