According to Black Knight, Inc [1], the national delinquency rate edged up 9 basis points to 3.21%, which was down 12 basis points year-over-year and remains within a range of 12 basis points of March 2023’s record low.
At the same time serious delinquencies (90+ past due) continued to improve, falling to 468,000, the lowest number seen since before the Great Recession.
Additionally, 30-day delinquencies rose by 35,000 during July, with 60-day delinquencies rising by 17,000 (or 6.4%), while those 90+ days late fell by 3,000.
Active foreclosure loans fell to a number of 220,000, the fewest since just after the end of foreclosure moratorium and remains down 22% (or 63,000 units) from February 2020.
Foreclosure starts were found to be 5.6% of 90-day delinquencies.
By the numbers:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.21%
Month-over-month change: 2.89%
Year-over-year change: -3.56%
Total U.S. foreclosure pre-sale inventory rate: 0.42%
Month-over-month change: -1.97%
Year-over-year change: -3.22%
Total U.S. foreclosure starts: 26,300
Month-over-month change: -5.96%
Year-over-year change: 15.03%
Monthly prepayment rate (SMM): 0.50%
Month-over-month change: -12.22%
Year-over-year change: -27.95%
Foreclosure sales: 6,100
Month-over-month change: -10.75%
Year-over-year change: -18.36%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,700,000
Month-over-month change: 49,000
Year-over-year change: -39,000
Number of properties that are 90 or more days past due, but not in foreclosure: 468,000
Month-over-month change: -3,000
Year-over-year change: -161,000
Number of properties in foreclosure pre-sale inventory: 220,000
Month-over-month change: -4,000
Year-over-year change: -4,000
Number of properties that are 30 or more days past due or in foreclosure: 1,919,000
Month-over-month change: 45,000
Year-over-year change: -43,000
Top 5 States by Non-Current Percentage
Mississippi: 7.65%
Louisiana: 7.12 %
Alabama: 5.41 %
Pennsylvania: 4.97 %
Indiana: 4.94 %
Bottom 5 States by Non-Current Percentage
Oregon: 2.16 %
Idaho: 2.09 %
Montana: 2.04 %
Washington: 2.03 %
Colorado: 1.95 %
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 2.17 %
Louisiana: 1.78 %
Alabama: 1.49 %
Arkansas: 1.27 %
Georgia: 1.22 %
Top 5 States by 12-Month Change in Non-Current Percentage
Alaska: -25.48 %
Vermont: -14.14 %
Connecticut: -13.20 %
North Dakota: -11.79 %
New York: -11.03 %
Bottom 5 States by 12-Month Change in Non-Current Percentage
Idaho: 10.68 %
Arizona: 3.63 %
South Dakota: 3.48 %
Utah: 1.90 %
Michigan: 1.79 %
Click here [2] to see the report in its entirety.