Serious Delinquencies Lowest Since May 2020

Only 4.2% of all mortgages were in some stage of delinquency in July 2021, according to CoreLogic’s monthly Loan Performance Insights Report. This is a 2.3% drop from July 2020, when it was 6.5%, but higher than the pre-pandemic rate of 3.6%. The rate of early-stage delinquencies, ranging 20 to 59 days past due, dropped 0.4% year-over-year to 1.1%. Adverse delinquencies, 60 to 89 days past due, fell from 1% to 0.3% year-over-year. Delinquencies 90 or more days past due, or serious delinquencies, fell from 4.1% to 2.8%. It is the lowest serious delinquency rate since May 2020. The share of mortgages that transitioned from current to 30 days past due dropped from 0.8% to 0.6% year-over-year. The foreclosure inventory…