IE Business Daily Business news for the Inland Empire.
Four-point four percent of all U.S. mortgages were in some stage of delinquency – at least 30 days or more past due, including foreclosures – in June, according to data released this week.
That was a 2.7 percent drop compared with June 2020, when the number was 7.1 percent, Irvine-based CoreLogic reported.
Delinquencies in June remained above the 3.6 percent recorded in February 2020, right before the pandemic hit.
Serious delinquencies – 90 days or more past due, including foreclosures – were at three percent in June, down from 3.4 percent one year earlier. That was the tenth consecutive month of declines and the lowest serious delinquency rate since May 2020.
The foreclosure rate was 0.2 percent, essentially unchanged year-over-year and the lowest foreclosure rate recorded by CoreLogic since it began collecting housing data in 1999.
“The downward trend in delinquencies, especially serious cases, is very encouraging – and a testimony to the impact of the significant economic rebound over the past six months, as well as government stimuli, record-low mortgage rates, and loan modification options,” said Frank Martell, CoreLogic’s president and chief executive officer.
In the Inland Empire, serious delinquencies were at three percent in June, down from 3.8 percent in June 2020, while foreclosures – 0.1 percent – were essentially unchanged year-over-year, CoreLogic reported.
