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| Residential Delinquency Turns Lower
9-basis-point decline in 30-day rate during June
July 25, 2012
By MortgageDaily.com staff
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Following a bump in May, the rate of late payments on residential loans settled back last month. The improvement was felt both with newly delinquent mortgages and loans in foreclosure.
The latest industry data indicates that the 30-day delinquency rate, including foreclosures, was 11.23 percent in June. The rate reflected a total of 5,663,000 past-due mortgages.
Delinquency retreated from 11.32 percent a month earlier, when the rate was up 6 basis points from April. There were 5,569,000 past-due loans in May.
Lender Processing Services Inc., which provided the statistics, previously reported that the delinquency rate was 12.27 percent in June 2011.
Last month's U.S. delinquency reflected a 30-day rate, excluding foreclosures, of 7.14 percent, improving from 7.20 percent the previous month.
The foreclosure pre-sale inventory rate fell to 4.09 percent from 4.12 percent.
Including foreclosures, June's 30-day rate was highest in Florida, Mississippi, Nevada, New Jersey and Illinois.
States with the lowest rates were Montana, Alaska, Wyoming, South Dakota and North Dakota. |
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