- The total national mortgage delinquency rate increased in June to 10.8%, becoming one of the top five monthly increases experienced in the past 10 years.
- June typically results in a seasonal increase in delinquencies; however, on average only rising by 2.5% as compared to 10.8%.
- Foreclosure starts for mortgages in June rose by 2.8%, with mortgages in active foreclosure also increasing.
- As compared to last quarter, the national default rate rose by 3%, which represents the first post financial crisis quarter-over-quarter increase.
The mortgage industry continues to publish decreasing rates of delinquency, but not all default metrics suggest a decline, leaving industry participants to wonder how long the current trend will last. Increasing delinquency numbers can be found in the yearend 2018 report by the Office of the Comptroller of the Currency (OCC) and the Mortgage Bankers Association’s (MBA) last quarterly report. Additionally, BlackKnight’s recent Mortgage Monitor June 2019 Report reflected several notable reverse trends in delinquency rates as follows: