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76 NATIONAL SNAPSHOT Regional RISING HOME EQUITY'S IMPACT ON FORECLOSURES By Molly Boesel In June 2019, 4% of home mortgages were in some stage of delinquen- cy, down from 4.3% a year earlier and the lowest for the month of June in more than 20 years, according to the CoreLogic Loan Performance Insights Report. e measure, also known as the overall delinquency rate, includes all home loans 30-days or more past due, including those in foreclosure. For the month of June historically, the share of delin- quent mortgages peaked in 2010 at 11.3%. Since March 2018, the overall delinquency rate each month has been lower than during the pre-crisis period of 2000–2006, when the rate averaged 4.7%. e serious delinquency rate—defined as 90-days or more past due, including loans in foreclosure—was 1.3% in June 2019, down from 1.9% in June 2018. e serious delinquency rate for June was below the average of 1.5% for the 2000–2006 pre-crisis period. e foreclosure in- ventory rate—meaning the share of mortgages in some stage of the foreclosure process—was 0.4% in June 2019, down from 0.5% a year earlier. June's foreclosure rate was the lowest for that month in at least 20 years and was below the average pre-crisis level of 0.6%. Rising home prices have led to record amounts of home equity, reducing the risk of foreclosure. e share of mortgages that were 30–59 days past due—considered early-stage delinquencies—was 2.1% in June 2019, up from 2% in June 2018. e share of mortgages 60–89 days past due was 0.6% in June 2019, unchanged from June 2018. In addition to delinquency rates, CoreLogic tracks the rate at which mortgages transition from one stage of delinquency to the next, such as going from current to 30-days past due. Figure 1 shows that in June 2019 the current- to 30-day transition rate remained well below levels during the housing crisis. e June current- to 30-day rate was 1.1%, up from 0.9% a year earlier. e 30- to 60-day transition rate was 20.1% in June, up from 16.2% in June 2018, and the 60- to 90-day transition rate was 30.4% in June, up from 25.7% a year earlier. Figure 2 shows the states with the highest and lowest share of mortgages 30-days or more delinquent. In June 2019, that rate was highest in Mississippi at 7.7% and lowest in Colorado at 1.9%. Eight states logged an annual gain in their overall delinquency rate in June 2019. e highest gains were in Vermont (+0.7 percentage points), New Hampshire (+0.3 percentage points), Ne- braska (+0.2 percentage points), and Minnesota (0.2 percentage points), while the other four states—Michigan, Iowa, Wisconsin, and Connecticut—had gains of 0.1 percentage points. Figure 3 shows the 30-plus-day past due rate for June 2019 for the 10 largest metropolitan areas. e New York metro had the highest rate at 5.5%. Miami, with the second-highest rate at 5.3 percent, saw a sharp decrease in the overall delinquency rate, falling from 7.2% in June 2018. Houston also saw a large year-over-year decrease, from 6.3% in June 2018 to 5% in June 2019. San Francisco had the lowest 30-plus-day delinquency rate in June 2019 at 1.4%. STATS AT A GLANCE The nation's overall delinquency rate was 4% in June. The foreclosure inventory rate for June was 0.4%, where it has stood since November 2018.