There were roughly 31,000 foreclosure starts nationwide in June, an increase of nearly 10% compared with May and up 36.5% compared with June 2024, according to ICE Mortgage Technology’s First Look report.
In addition, the mortgage delinquency rate increased to 3.35%, up 4.74% compared with May but down 3.8% compared with June 2024.
As of the end of the month there were about 1.834 million homes in some stage of delinquency, an increase of about 90,000 compared with the previous month but down about 39,000 compared with a year earlier.
ICE notes that FHA delinquencies, which tend to experience more seasonality, rose by 41 bps in the month, hitting their highest June level since 2013, excluding the 2020-2021 pandemic-era impact.
About 466,000 properties were in serious delinquency, flat compared with May but up about 35,000 compared with June 2024.
The total U.S. foreclosure pre-sale inventory rate was 0.38%, up about 0.2% compared with May and up 9.9% compared with June 2024.
As of the end of the month there were about 208,000 properties in the foreclosure pre-sale inventory, up about 1,000 compared with the month prior, and up about 22,000 compared with a year earlier.
Foreclosure sales (REO) for June were around 6,300, down nearly 10% compared with May but up 18% compared with a year earlier.
The monthly prepayment rate was 0.65%, down nearly 9% compared with the previous month, but up nearly 22% compared with June 2024.
Photo: Alexander Grey
