There trying to spin as good news, but 26% of borrowers are now upside down on their mortgage.
The U.S. mortgage delinquency rate rose between June and July, while the nation's foreclosure pre-sale inventory rate edged down slightly.
The delinquency rate for U.S. mortgages more than 30 days past due but not in foreclosure hit 8.34% in July, up 2.4% from the previous month, Lender Processing Services (LPS: 18.54 -0.38%) said in its monthly First Look Mortgage Report.
On a year-over-year basis, the same delinquency rate fell to 10.4%, LPS said after studying 40 million loans in its database.
The Jackonsville, Fla.-based mortgage technology and data analytics provider said 4.4 million properties were classified as more than 30 days past due last month, while 1.89 million were listed as more than 90 days past due.
When looking at loans that are either 30 days or more delinquent or in foreclosure, the database has approximately 6.5 million mortgages that fit that criteria.
States with the most delinquent loans included Florida, Mississippi, Nevada, New Jersey and Illinois, while Montana, Wyoming, Alaska, South Dakota and North Dakota had the fewest non-current loans.
The total U.S. foreclosure pre-sale inventory rate hit 4.11% in July, a 9.7% surge from last year, but a slight o.4% decline from JuneLink Here