The number of serious delinquencies – defined as loans 90 days or more past due – dropped to 471,000 in June, the lowest since August 2006, according to new data from Black Knight Inc. (NYSE:BKI). June’s level is 177,000 loans lower (-27%) from one year earlier.
However, early-stage delinquencies (30-days late) increased by 19,000 (+2.2%) from May to 1.65 million. Foreclosure starts were also up, albeit by a slim 1% to 28,000, and foreclosure sales had a 1.5% month-over-month uptick to 6,900, while the number of loans in active foreclosure dropped by 5,000 to 224,000.
As of the end of June, the total U.S. loan delinquency rate was 3.12%, up 0.55% from May but down 2.80% from June 2022. Mississippi had the highest percentage of non-current borrowers at 7.40% while Colorado and Washington State both had the lowest with 1.94 %.
