The U.S. mortgage delinquency rate (30+ days past due but not in foreclosure) was 3.74% in June, an increase of 2.71% compared with May but down 1.59% compared with June 2017, according to Black Knight’s First Look report.
As of the end of the month there were about 1,925,000 properties that were 30+ days past due, but not in foreclosure, an increase of 58,000 compared with the previous month but a decrease of about 7,000 compared with a year earlier.
Black Knight says the increase in delinquencies was in keeping with the typical seasonal pattern.
Of those delinquencies, about 548,000 properties were 90+ days past due, but not in foreclosure, a decrease of about 20,000 compared with May and a decrease of about 7,000 compared with June 2017. Black Knight says some of the decrease in serious delinquencies is due to Florida and Texas largely completing their recoveries from the fall hurricanes.
The foreclosure inventory rate – homes that are in some stage of foreclosure – stood at about 0.56%, a decrease of 4.51% compared with May and down 29.98% compared with June 2017.
As of the end of the month there were about 291,000 properties in the foreclosure pipeline, a decrease of 12,000 compared with the previous month and down about 119,000 from a year earlier. It was the first time that the number of active foreclosures fell below 300,000 in nearly 12 years.
There were about 43,500 foreclosure starts in June, down 3.12% compared with May and down 23.01% compared with a year ago. It was the lowest single-month total in more than 17 years, Black Knight says.
The monthly prepayment rate in June was 0.95%, an increase of 2.45% compared with the previous month but down 15.04% from a year earlier. Again, Black Knight says the slight month-over-month increase in prepayments was in keeping with the typical seasonal pattern.
