Mortgage delinquency turned higher last month. But the rate remains below its year earlier level, and serious mortgage delinquency improved. Current hurricane news reports provide a clue about areas likely to see deteriorating performance.
Including foreclosures, delinquency of at least 30 days on U.S. residential loans
was reported at 4.3 percent for the month of June. The data is preliminary and could be revised.
The non-current rate worsened versus the preceding month, when it was previously reported at 4.2 percent.
But the rate has improved from the same month in 2017, when it was an upwardly revised 4.6 percent.
CoreLogic Inc. reported the metrics Tuesday.
CoreLogic President and Chief Executive Officer Frank Martell noted in the report that neighborhoods impacted by disasters this year will be in the same boat as Texas and Florida following last year’s devastating hurricanes and will “see a spike in delinquencies.”
States near North Carolina could fall into that category given the National Hurricane Center is reporting that Hurricane Florence is currently packing sustained winds up to 140 miles per hour and is highly likely to make landfall in North Carolina later this week.
The non-current rate in Mississippi was 8.0 percent at the midpoint of this year, giving it the worst rate. Louisiana’s 7.2 percent was next, followed by New York’s 6.2 percent, Alabama’s 5.9 percent and West Virginia’s 5.9 percent.
Colorado’s non-current rate was lowest of all: 2.0 percent.
Ninety-day delinquency was 1.7 percent, down from 1.8 percent a month earlier and 1.9 percent a year earlier.
The foreclosure inventory rate was unchanged at 0.5 percent but has decreased from 0.7 percent in June 2017.
At 1.7 percent, New York’s foreclosure rate was the highest. No. 2 Maine had a 1.3
foreclosure rate, then 1.1 percent in New Jersey and 0.9 percent in Florida, New Mexico, the District of Columbia and Hawaii.
Colorado’s 0.1 percent foreclosure rate was the lowest.
