National Mortgage Delinquencies Remain Near Record Low in JuneBy RISMedia Staff
For the month of June, 2.9% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.5 percentage point decrease compared to 4.4% in June 2021, according to CoreLogic’s monthly Loan Performance Insights Report for June 2022, released this week.
According to the report, in June 2022, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:
Despite a small uptick, the U.S. overall mortgage delinquencies and foreclosure rates remained near two-decade lows in June, CoreLogic stated, with home price growth that remains in double digits and a strong U.S. job market helping to keep mortgage performance healthy. Metro areas that rely on the hospitality industry saw particularly large job losses due to the COVID-19 pandemic in 2020, while hurricanes in that same year impacted employment on the Gulf Coast. This naturally resulted in an increase in mortgage delinquencies, but areas of the country that were most impacted are now recovering. “While early-stage delinquencies edged up in June, they remained near historic lows through the first half of 2022,” said Molly Boesel, principal economist at CoreLogic. “Later-stage delinquencies fell by 60% from June 2021, with only a small increase in foreclosures, indicating that delinquent borrowers are able to find alternatives to foreclosure.” |
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