Nevada Mortgage Delinquency Update - Q3 2016

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 Q3 2016 MORTGAGE DELINQUENCY DATA JUST RELEASED: 

NUMBER OF PAST DUE MORTGAGES IN NEVADA FALLS

Nevada Ranks 18th In 90-Day-Plus Delinquencies and 11th In Terms of Loans In Foreclosure

The Mortgage Bankers Association recently released its third quarter 2016 national survey of mortgage delinquency data. Compared to the second quarter of 2016, the share of mortgages classified as delinquent nationwide decreased slightly from 4.64 percent to 4.63 percent, while foreclosures fell from 1.64 percent to 1.55 percent. New Jersey held the top spot for loans in foreclosure, while Mississippi continues to lead the nation in terms of the share of loans past due.

In Nevada, 3.8 percent of loans are past due, which is down 0.2 percentage points from the prior quarter and down 0.7 percentage points from a year ago. The Silver State now ranks 34th nationally in terms of the share of loans past due; however, it continues to report a relatively high rate of 90-days-plus delinquency. During the third quarter, 1.6 percent of loans in Nevada were 90 days or more past due, representing the 18th highest share in the nation. In addition, roughly 2.0 percent of loans are now in foreclosure, ranking Nevada 12th nationally. Despite some of the highest rates of 90-days-plus delinquency and foreclosure in the nation, approximately 24,489 loans in Nevada are now past due or in foreclosure, which is the lowest number reported within the state since the third quarter of 2006. The latest figure is down 81.7 percent from the high of 134,159 reported in the fourth quarter of 2009.

 

The following provides a snapshot of key data points:

Delinquency Status

Percent of Loans

National Ranking

30 Days

1.69

43

60 Days

0.55

41

90 Days or More

1.60

18

Total Past Due

3.83

34

In Foreclosure

1.95

12

Total Past Due or In Foreclosure

5.78

29

 

For a summary of the report's findings, please see the full release here.

 

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