Mortgage Delinquency Rate Jumped in June But Remains Below a Year Ago

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The U.S. mortgage delinquency rate increased in June, rising to 3.73% of all loans, up 10.82% compared with a rate of 3.36% in May, according to Black Knight’s First Look report.

Despite the increase, the delinquency rate was down 0.2% compared with June 2018.

Black Knight notes that the increase is in keeping with seasonal cycles.

About 1.95 million properties were 30 days or more past due, but not in foreclosure, an increase of about 190,000 compared with May and up about 25,000 compared with June 2018.

About 455,000 properties were in serious delinquency, or 90 days or more past due but not in foreclosure. That’s a decrease of 6,000 compared with the previous month and down about 93,000 compared with a year earlier.

It was the lowest serious delinquency rate in 12 years.

The foreclosure inventory rate was 0.50%, up 1.55% compared with May but down 12.13% compared with June 2018.

As of the end of June there were about 259,000 homes in the foreclosure inventory, upon about 4,000 compared with the previous month but down about 32,000 compared with a year earlier.

There were about 40,100 foreclosure starts in June, an increase of 2.82% compared with May but down 7.82% compared with a year earlier.

The prepayment rate – which had been on the rise for the previous four months – settled back down to 1.14%, down 7.53% compared with May but up 19.29% compared with June of last year.

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