The Summer that Foreclosures and Delinquencies Stabilized
Did you know that foreclosures usually spike in summer months? Black Knight June 2017 First Look at Mortgage Data report, states foreclosure rates are holding steady month over month as of June 2017. Loan delinquencies in the US are at 3.8 percent (this rate is referring to loans over 30 days past due, but not in actual default yet.) And it is unusual for the change from May to June to be only 0.12 higher.
There are some states leading the nation in number of past due loans. Mississippi led the nation in past due loans, as well as the over 90-day late loans, but the delinquency rate in Mississippi is still far below the 2000 peak 23.4 delinquency rate. On the other end of the spectrum Colorado has the lowest delinquency rate at 2.14 percent, down 17.78 percent from June 2016.
Graph from http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20170720.aspx
Overall, even in troubled states, foreclosures seem to be leveling off. While the findings don’t indicate the cause and effect, it is good to know that for whatever reason, the normal jump in foreclosures is not happening in most states. Maybe we are finally seeing the light at the end of the tunnel.
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