Delinquency Rates Continue to Decline
September 10, 2019
Four percent of mortgages were in some stage of delinquency during June, according to new data from CoreLogic. This marked a 0.3 percent drop from the 4.3 percent overall delinquency rate in June 2018.
The foreclosure inventory rate was 0.4 percent in June, down 0.1 percent from the previous year. June’s foreclosure inventory rate tied with the prior seven months as the lowest since at least January 1999.
The rate for early-stage delinquencies in June was 2.1 percent, up slightly from two percent in the previous year. The share of mortgages 60 to 89 days past due was 0.6 percent, unchanged year-over-year, and the serious delinquency rate was 1.3 percent, down from 1.7 percent in June 2018. June’s serious delinquency rate was the lowest for the month 2005, when it was also 1.3 percent, and it tied the April and May 2019 rates as the lowest for any month since it was also 1.3 percent in August 2005. The share of mortgages that transitioned from current to 30 days past due was 1.1 percent in June, up from 0.9 percent.
“A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said Frank Nothaft, chief economist at CoreLogic. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”
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