Mortgage delinquency rates fall across the U.S.
Mortgage delinquency rates remain at a historic low. ( iStock )
Despite a housing market pressured by high mortgage rates and home prices, many Americans have been keeping up with their housing payments, according to a study. In fact, only 2.6% of all mortgages in the U.S. were in a stage of delinquency in June– remaining at a historic low, according to the latest data by CoreLogic. And no state posted an annual increase in delinquency rates that month.
Here are the changes that occurred in mortgage delinquency in June, and how it compares to last year, according to CoreLogic’s analysis.
However, it’s important to note that CoreLogic’s latest data doesn’t account for recent natural disasters.
«It is typical to see mortgage delinquencies increase about one month following disasters,» CoreLogic Principal Economist Molly Boesel said in a statement. «Delinquency rates in these areas often remain elevated for months, progressing from early stage to serious. For example, two Florida Gulf Coast communities continued to post annual increases in serious delinquency rates in June, nine months after the property damage from Hurricane Ian in September 2022.»
But overall, experts suggest that mortgage delinquency rates could remain at historic lows through the rest of the year.
«Far fewer states and metro areas posted year-over-year delinquency increases than recorded earlier in the spring, indicating that both the employment situation and mortgage performance are on a solid track for the rest of 2023,» CoreLogic said in its report.
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