After a year of downward action, foreclosure rates have hit a historic 22.5-year low: 0.2 percent.

Total delinquency rates fell to 4.4 percent in June, down 2.7 percentage points from last year, according to data released Tuesday from property analytics provider CoreLogic. Such historically low numbers show that initial fears that the pandemic would trigger a string of foreclosures are proving to be unfounded — although, experts warn, that could change as various government forbearance programs end.

CoreLogic

“The downward trend in delinquencies, especially serious cases, is very encouraging — and a testimony to the impact of the significant economic rebound over the past six months, as well as government stimuli, record-low mortgage rates and loan modification options,” CoreLogic CEO Frank Martell said in a statement. “Providing resources to homeowners experiencing distress to help educate them on available government and private-sector support will aide in shrinking delinquency and foreclosure rates even more over the remainder of this year.”

Adverse Delinquency (60 to 89 days past due date) are down to 0.3 percent from 1.8 percent while serious delinquencies (late by more than 90 days) are down to 3 percent from 3.4 percent. Early delinquencies (30 to 59 days past due) are down to 1.1 percent from 1.8 percent while foreclosures, or a situation in which one’s home is seized entirely due to missed payments, are down to 0.2 percent from 0.3 percent.

CoreLogic

“While job and income growth has helped to push delinquency rates down, there are many families that remain in financial distress,” CoreLogic Chief Economist Dr. Frank Nothaft said in a statement. “More than one million borrowers had missed six or more payments as of June, triple the number of borrowers pre-pandemic.”

Broken down, the numbers continue to be encouraging — every U.S. state saw a drop in delinquency rates, with New Jersey, New York and Florida leading the way. While cities like Odessa and Laredo in Texas continue to have elevated delinquency rates, the situation across the country is quite strong overall — in large part due to skyrocketing home values that put anyone who owns a home at a major advantage.

Email Veronika Bondarenko

CoreLogic
Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×