Mortgage servicers continued to make headway on serious delinquency, pulling the rate down to the lowest level in five years. Foreclosure metrics also showed a nice improvement.
Home loans that were at least 90 days past due accounted for 5.0 percent of all U.S. mortgages in November, CoreLogic Inc. reported Thursday.
Serious delinquency was down from the previous month, when the 90-day rate was 5.1 percent.
Delinquency has moved around 150 basis points lower when compared to the rate reported for November 2012.
CoreLogic said in the report that the rate of 90-day delinquency was at its lowest level since November 2008.
The highest delinquency rate was in Florida: 11.3 percent.
New Jersey was next with a 10.5 percent rate, then 7.8 percent in New York, 7.6 percent in Nevada and 6.9 percent in Maryland.
At just 1.1 percent, North Dakota had the lowest delinquency rate.
Included in the Nov. 30 U.S. delinquency rate was a 2.1 percent foreclosure inventory rate, improving from 2.2 percent in the prior report and 3.0 percent in November 2012.
The most recent foreclosure rate reflected an inventory of 812,000 properties that were in some stage of foreclosure, fewer than 879,000 in October.
Florida’s 6.6 percent foreclosure inventory rate was the highest of any state. New Jersey’s 6.5 percent rate followed, then New York’s 4.7 percent and 3.5 percent in both Maine and Connecticut.
Wyoming’s 0.4 percent was the lowest rate.
The ultimate foreclosure metric — completed foreclosures — was 46,000. Real-estate-owned filings were down by 4,000 from October’s revised figure.
In the same month last year, repossessions totaled 64,000.
During the 12 months ended Nov. 30, Florida had 114,654 REO filings — more than any other state. Michigan followed with 54,093 completed foreclosures, then 41,532 in California, 39,589 in Texas and 36,031 in Georgia.
North Dakota’s 401 repossessions during the last 12 months were the fewest of any state.
