IE Business Daily Business news for the Inland Empire.
Serious mortgage delinquencies rose in July to their highest point in six and a half years, according to data.
Nationwide, 4.1 percent of all mortgages were 90 days or more past due, up from 1.3 percent in July 2019, Irvine-based CoreLogic reported in its monthly report on mortgage delinquencies.
That figure, which includes foreclosures, was the highest serious-delinquency rate recorded since April 2014.
Early-stage delinquencies – 30 to 59 days past due – were 1.5 percent, down slightly year-over-year and down from 4.2 percent in April, when early-stage delinquencies spiked.
Adverse delinquencies – 60 to 89 days overdue – were at one percent, up .4 percent year-over-year.
“Many Americans, particularly millennials, are taking advantage of low rates to either purchase their first home or upgrade their living situations,” said Frank Martell, CoreLogic’s president and chief executive officer, in a statement. “However, given the unsteadiness of the job market, many homeowners are beginning to feel the compounding pressures of unstable income and debt on personal savings buffers, creating heightened risk of falling behind on their mortgages.”
In the Inland Empire, serious delinquency rates were at 4.5 percent in July, a 3.5 percent year-over-year increase.
Early-stage delinquencies registered 7.3 percent, a 3.6 percent increase compared with July 2019, while foreclosures – 0.2 percent – were essentially unchanged year-over-year, CoreLogic reported.
