Mortgage delinquencies and foreclosure rates remained near record lows in June, according to data released Tuesday.
Later-stage delinquencies fell by 60 percent year-over-year, with only a small increase in foreclosures, CoreLogic reported.
Two point nine percent of all U.S. mortgages were in some state of delinquency in June – 30 days more past due, including foreclosures – a 1.5 percentage point drop compared to 4.4 percent in June 2021.
Delinquencies broken down by category:
Early-stage: (30 to 59 days past due): 1.2 percent, up from 1.1 percent in June 2021;
Adverse (60 to 89 days past due): 0.3 percent, unchanged from June 2021;
Serious: (90 days or more past due, including foreclosures): 1.3 percent, down from 3 percent year-over-year;
Foreclosure inventory rate: (mortgages in some stage of foreclosure): 0.3 percent, up from 0.2 percent in June 2021.
“While early-stage delinquencies edged up in June, they remained near historic lows through the first half of 2022,” said Molly Boesel, CoreLogic’s principal economist, in the statement. “Later-stage delinquencies fell by 60 percent from June 2021, with only a small increase in foreclosures, indicating that delinquent borrowers are able to find alternatives to foreclosure.”
The Inland Empire’s foreclosure rate was 0.2 percent in June, virtually unchanged year-over-year, CoreLogic reported.