According to data from the CoreLogic Loan Performance Insights report, 2.9 percent of all mortgages were 30 days or more past due as of June 2022. This is a 34 percent decrease from the 4.4 percent of loans that were 30 days or more past due one year prior. Later stage delinquencies – loans that are 90 days or more past due – saw a 56 percent decline year-over-year, falling from 3 percent to 1.3 percent of mortgages.
Only early-stage delinquencies (30-59 days past due) – 1.1 percent to 1.2 percent – and mortgages in foreclosure – 0.2 percent to 0.3 percent – saw small year-over year increases.
“While early-stage delinquencies edged up in June, they remained near historic lows through the first half of 2022,” CoreLogic Principal Economist Molly Boesel said. “Later-stage delinquencies fell by 60 percent from June 2021, with only a small increase in foreclosures, indicating that delinquent borrowers are able to find alternatives to foreclosure.”
In June 2022, all states logged year-over-year declines in overall delinquency rates. Hawaii (down 2.6 percentage points), Nevada (down 2.6 percentage points), New Jersey (down 2.4 percentage points) and New York (down 2.3 percentage points) all saw the largest declines in delinquency rates from June 2021.
CoreLogic’s report examined all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next. Each transitional rate saw some level of increase from June 2021 to June 2022. Mortgages transitioning from current to 30 days delinquent increased from 0.6 percent to 0.7 percent; mortgages transitioning from 30 to 60 days delinquent increased from 16.7 to 17.4 percent; and mortgages transitioning from 60 to 90 days delinquent increased from 37.1 to 38.1 percent.