Southern California’s late mortgage payments at pre-recession lows
Housing’s foreclosure crisis is far in the rear-view mirror as the number of Southern Californians skipping the monthly house payment has dropped to pre-recession lows.
CoreLogic reports 2.5 percent of mortgaged homes in Los Angeles and Orange counties were late in May vs. 2.8 percent a year earlier. That’s the lowest since May 2007.
L.A.-O.C. late payments peaked at 13.2 percent of all loans in February 2010. L.A.-O.C. delinquencies averaged 2.8 percent from 2000 through 2007, then 9.4 percent over the next five years.
In the Inland Empire, 3.6 percent of mortgaged homes were delinquent in May vs. 4.3 percent a year earlier. That’s the lowest since August 2006.
Late payments in Riverside and San Bernardino counties peaked at 21.8 percent in January 2010. Inland Empire delinquencies averaged 5.1 percent from 2000 through 2007, then 15.3 percent over the next five years.
Similar patterns were seen across California, where 2.4 percent of home mortgage payments were 30 days or more late vs. 2.8 percent a year earlier. That’s the lowest statewide rate for delinquent home loans since October 2006 and far below the 4.2 percent rate seen nationally. Borrowers in only eight states fared better.
It’s a huge improvement for California, long a leader among the states in late payments before, during and after the Great Recession. Statewide delinquencies peaked mid-recession at 14 percent of all home loans in February 2010.
Delinquencies statewide averaged 2.9 percent from 2000 through 2007, then leaped to 9.9 percent between 2008 and 2012 as owners struggled to pay bills as the economy faltered and risky loans became unglued.