CoreLogic: No U.S. State Posts Annual Mortgage Delinquency Increases in June

(Courtesy CoreLogic)

U.S. mortgage performance remained exceptionally strong in June, with both overall delinquency and foreclosure rates at or near historic lows, reported CoreLogic, Irvine, Calif.

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 June Loan Performance Insights Report

“The national mortgage delinquency rate remained at a historic low in June,” said Molly Boesel, principal economist for CoreLogic. “In addition, fewer states and metro areas posted annual increases in overall delinquency rates compared with May.”

Boesel noted June’s data do not reflect the most recent U.S. natural catastrophes, including the wildfires in Hawaii or Hurricane Idalia. “It is typical to see mortgage delinquencies increase about one month following disasters,” she said. “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.”

CoreLogic said no U.S. states posted year-over-year increases in overall mortgage delinquency rates in June. Annual delinquency rate decreases ranged from -0.9 and 0.0 percentage points compared to June 2022.

In June, 31 U.S. metros posted an increase in overall year-over-year delinquency rates. The metros with the largest increases included Cape Coral-Fort Myers, Fla. (up by 0.6 percentage points); Punta Gorda, Fla. (up by 0.5 percentage points); and Yakima, Wash. and Elkhart-Goshen, Ind., both up by 0.3 percentage points.

The report said three U.S. metros posted an increase in serious delinquency rates (defined as 90 days or more late on a mortgage payment) in June, while changes in other metros ranged from -1.6 percentage points to 0.0 percentage points. “The metros that posted annual serious delinquency increases were Cape Coral-Fort Myers, Fla. and Punta Gorda, Fla., both up by 0.5 percentage points, and Cheyenne, Wyo., up by 0.1 percentage points,” CoreLogic said.