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Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Foreclosure, 90-Day Rate at Early 2008 Levels

90-day delinquency 3.5% in June

Aug. 11, 2015

By Mortgage Daily staff

The serious mortgage delinquency rate declined to its lowest level since early 2008. The story was similar for the foreclosure rate.

For the month of June, 3.5 percent of all U.S. home loans were at least 90 days past due.

Turns out that the rate of serious delinquency on residential loans hasn't been this low since January 2008.

CoreLogic Inc. detailed the data in its National Foreclosure Report June 2015.

In May, the serious delinquency rate was also 3.5 percent, while it came in at 4.3 percent in June 2014, according to previous reports.

Delinquency was 8.3 percent in New Jersey, giving the Garden State the worst rate in the nation. New York followed with a 6.7 percent rate, then 6.3 percent in Florida, 5.1 percent in Maine and 5.0 percent in Maryland.

North Dakota's 0.9 percent ninety-day rate was the country's lowest.

Around 472,000 U.S. homes were in some stage of foreclosure during the most-recent month.

A month earlier, the inventory stood at 492,000.

The foreclosure inventory was additionally down from 664,000 in the same month last year, marking the 44th consecutive year-over-year decline.

The foreclosure rate landed at 1.2 percent in June and is now at the same level it was in January 2008.

A 1.3 percent foreclosure rate was previously reported for the prior month.

In June 2014, the foreclosure rate was 1.7 percent.

The foreclosure rate in New Jersey was 4.7 percent during the most recent month -- higher than in any other state.

No. 2 New York had a 3.7 percent foreclosure rate, then Florida's 2.7 percent, Hawaii's 2.5 percent and Washington, D.C.'s, 2.4 percent.

Alaska had an 0.3 percent foreclosure rate -- lower than any other state.

Moving on to completed foreclosures, mortgage servicers repossessed 43,000 properties in June 2015.

Real-estate-owned filings worsened from 41,000 the previous month.

In June 2014, there were 50,000 completed foreclosures.

For the entire first-half of this year, completed foreclosures amounted to 236,000.

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