• Inching up 2 basis points from May, the national delinquency rate continues to hover near recent record lows, with June’s marking the third lowest level on record
• The number of serious delinquencies (loans 90+ days past due) dropped to 471K – the lowest since August 2006 – and a 177K (-27%) improvement from June 2022
• Early-stage delinquencies (30-days late) increased by 19K (+2.2%), while borrowers who’ve missed two payments (60-days past due) ticked up by 5K (+1.7%)
• Foreclosure starts also increased slightly to 28K for the month – just 1% above the preceding 12-month average and still 38% below the June 2019’s pre-pandemic level
• Foreclosure was started on 5.8% of serious delinquencies in June, up from 5.1% in May but still three percentage points below the start rate in May 2019 before the onset of the pandemic
• The number of loans in active foreclosure shrunk another 5K in June and is still down 47K (-17%) from March 2020; meanwhile, June’s 6.9K foreclosure sales (completions) marked a 1.5% increase from May
emphasis added
According to Black Knight’s First Look report, the percent of loans delinquent increased 0.55% in June compared to May and decreased 2.8% year-over-year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.12% in June, down from 3.10% the previous month.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| June 2023 |
May 2023 |
|||
| Delinquent | 3.12% | 3.10% | ||
| In Foreclosure | 0.42% | 0.43% | ||
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: |
1,650,000 | 1,639,000 | ||
| Number of properties in foreclosure pre-sale inventory: |
224,000 | 229,000 | ||
| Total Properties | 1,874,000 | 1,868,000 | ||