Home prices drop in July, mortgage delinquency rate hits 2.89%

Aug. 24 (UPI) -- U.S. home prices fell by 0.77% from June to July, the biggest single month drop in home prices since January 2011.

It was the largest single-month drop in home prices since January 2011, CNBC reported, citing mortgage data firm Black Knight. But home prices were still 14.3% higher in July compared with July 2021.

"We've been advising for quite some time that the dynamic between interest rates, housing inventory and home prices was untenable from an affordability perspective, and at some point, something would have to give," said Black Knight VP Andy Walden.

Black Knight reported Wednesday that the national mortgage delinquency rate was up to 2.89% in July. Seriously delinquent loans -- 90 or more days past due -- declined in July.

Black Knight's July 2022 mortgage data published Wednesday also showed foreclosure starts dropping 25% from June for a total of 17,700 foreclosure starts.

According to the U.S. Census Bureau the median sales price for U,S, homes hit $439,400 in July.

The National Association of Realtors reported Aug. 19 that housing is in a recession, with sales down almost 6% in July and down by 20% compared to a year ago.