Something unusual happened in June that hasn’t happened much in the post-crisis mortgage market — the national delinquency rate shot up.
After five consecutive months of a diminishing late-payment rate, mortgage delinquencies jumped sharply last month.
The delinquency rate (loans 30 or more days past due, but not in foreclosure) is at 6.7 percent, up nearly 10 percent from May and the highest level since February, according to a report from Lender Processing Services.
However, overall mortgage delinquencies are down 6.5 percent from a year ago, according to Lender Processing Services.
The spike could be a seasonal glitch, or possible a trend reversal for the short-term.
Delinquencies nudged up just 3.4 percent in June 2012. The states with the highest percentage of no-current loans are Florida, Mississippi, New Jersey, New York and Maine.
Here’s the rest of the figures for June from LPS:
- Total U.S. foreclosure pre-sale inventory rate: 2.93%
Month-over-month change in foreclosure pre-sale inventory rate: -3.92%
Year-over-year change in foreclosure pre-sale inventory rate: -28.40%
- Number of properties that are 30 or more days past due, but not in foreclosure (A): 3,328,000
- Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,345,000
- Number of properties in foreclosure pre-sale inventory (B): 1,458,000
- Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 4,785,000
- States with highest percentage of non-current* loans: FL, MS, NJ, NY, ME
- States with the lowest percentage of non-current* loans: WY, MT, AK, SD, ND
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.