The national delinquency rate spiked up in June after five straight months of declines, Lender Processing Services said in its “first look” report.
Through June, 6.7% of loans tracked by the Jacksonville, Fla.-based firm are 30 or more days past due, but not in foreclosure. This figure is a 9.91% month-over-month increase and represents the highest delinquency rate since February.
However, delinquencies are still down on a yearly basis by 6.5%.
Overall, more than 3.3 million properties are delinquent, LPS said, while another 1.3 million are seriously delinquent, meaning a borrower has not paid their mortgage in at least 90 days.
The states that have the highest percentage of noncurrent loans are Florida, Mississippi, New Jersey, New York and Maine. Conversely, Wyoming, Montana, Alaska, South Dakota and North Dakota have the fewest delinquent mortgage loans.
While delinquencies are rising, foreclosure inventories have continued their downward trend as they declined 3.92% in June from May. The total U.S. foreclosure pre-sale inventory rate is now at 2.93%, a 28.4% drop from a year ago.
According to LPS, approximately 1.4 million properties account for the foreclosure presale inventory.
