Serious mortgage delinquencies spike in June

Seven point one percent of U.S. mortgages were in some state of delinquency – 30 days or more past due, including foreclosures – in June, according to data released Tuesday.

That was a 3.1 percent increase compared with June 2019, when that number was four percent, Irvine-based CoreLogic reported in its monthly Loan Insights Report.

Serious delinquencies – 90 days or more past due, including foreclosures – were at 3.4 percent, up 1.3 percent year-over-year. That was the highest serious delinquency rate since February 2015.

The foreclosure rate was 0.3 percent, essentially unchanged from June 2019.

“Three months into the pandemic-induced recession, the 90-day delinquency rate has spiked to the highest rate in more than 21 years,” said Dr. Frank Nothaft, chief economist at CoreLogic, in the statement. “Between May and June, the 90-day delinquency rate quadrupled, jumping from 0.5 percent to 2.3 percent, following a similar leap in the 60-day rate between April and May.”

In the Inland Empire, 30-day delinquencies were at eight percent, double their rate in June 2019. 

Serious delinquencies registered 3.8 percent, up from one percent year-over-year, while foreclosures – 0.2 percent – were essentially unchanged, CoreLogic reported.