The U.S. mortgage delinquency rate dropped slightly in June, down 2.25% compared with May but – thanks to the COVID-19 crisis – up 103.5% compared with June 2019, according to Black Knight’s First Look report.
As of the end of the month about 4.034 million mortgages were 30 days or more past due, down about 89,000 compared with the previous month but up by 2.084 million compared with June 2019.
Serious delinquencies (90 days or more past due) also saw a significant increase, rising 1.243 million compared with May to reach 1.874 million.
The U.S. pre-sale foreclosure inventory rate was 0.36%, down 4.21% compared with May and down 27.08% compared with June 2019.
As of the end of the month there were about 192,000 homes in the pre-sale foreclosure inventory. That’s down about 8,000 compared with the previous month and down about 67,000 compared with a year earlier.
Foreclosure starts increased 15.7% in June compared with May, reaching 5,900 for the month. But foreclosure starts were nonetheless down 85% compared with June 2019.
Driven by increased refinance volume, the monthly pre-payment rate climbed to 2.65%, up nearly 16% compared with May and nearly 134% compared with June 2019.