Soaring home values and a strong U.S. economy have hammered down home loan delinquency rates and foreclosures to their lowest levels in almost two decades.
Less than 4 percent of U.S. homeowners with mortgages were behind in their payments at the end of the third quarter, according to the latest measure by CoreLogic.
And less than one half of 1 percent of mortgages across the country were in foreclosure as of September.
“The strong labor market in the United States along with continued prudent underwriting practices for mortgage origination have combined to power favorable loan performance over the past few years,” Frank Martell, president and CEO of CoreLogic, said in the report.
