The U.S. foreclosure rate held steady in July for the 17th consecutive month in July at 0.3% while the serious delinquency rate (90 days or more late) dropped to a 23-year low at 1%, according to new data from CoreLogic.
During July, 2.7% of all mortgages were in some stage of delinquency, down by 0.3% from one year earlier but also up by a mild 0.1% from June.
Idaho was the only state to see an annual uptick in its overall mortgage delinquency rate during July, albeit at a scant 0.1 percentage point. The states with the largest year-over-year delinquency declines were Alaska (0.9 percentage points) along with New York, Oklahoma and West Virginia (all 0.7 percentage points).
“Overall U.S. mortgage delinquencies remained near a record low in July, with the share of homes entering that status or progressing to later stages either unchanged or lower,” said Molly Boesel, principal economist for CoreLogic. “Since most borrowers have substantial amounts of home equity, those who have locked in low mortgage rates that do enter later stages of delinquency will most likely not experience foreclosures. And while home equity gains have slowed from their former rapid pace, CoreLogic projects that home price growth will pick up over the next year. Borrowers should continue to build equity over the coming months, even if at a more moderate rate.”