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June’s month-end mortgage data shows there may still be a bulk of serious delinquencies by the time the forbearance moratorium ends, according to Black Knight.

The details:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.37%
– Month-over-month change: -7.62%
– Year-over-year change: -42.39%

Total U.S. foreclosure pre-sale inventory rate: 0.27%
– Month-over-month change: -1.73%
– Year-over-year change: -24.23%

Total U.S. foreclosure starts: 4,400
– Month-over-month change:  15.79%
– Year-over-year change: -25.42%

Top 5 states by 90-plus days delinquent percentage:
Mississippi: 4.89%
Louisiana: 4.59%
Hawaii: 4.14%
Nevada: 4.14%
Maryland: 4.08%

The takeaway:

The national delinquency rate is at its lowest level since the pandemic hit, even below the pre-Great Recession average. While there’s been improvement, however, there are still 1.5 million homeowners 90 or more days past due on their mortgages but who are not in foreclosure—nearly four times pre-pandemic levels.

Serious delinquency rates are now more than a full percentage higher across all 50 states. In Hawaii and Nevada, serious delinquency rates are 3.4 percentage points higher.

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