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Nearly 5-Year Low for Serious Delinquency

90-day rate down 10 BPS in October

Dec. 9, 2013

By Mortgage Daily staff

The monthly rate of serious delinquency moved lower, hasn't risen in nearly two years and is at its lowest level in nearly five years. The number of completed foreclosures plunged.

Residential loan delinquency of at least 90 days finished October at 5.1 percent, CoreLogic Inc. reported Monday.

The rate of serious delinquency fell from September, when 90-day delinquency was at 5.2 percent.

An even bigger improvement has been made compared to the same month last year, when the 90-day past-due rate was 6.5 percent.

"The rate of serious delinquencies, which fell more than 25 percent year over year, is at the lowest level in nearly five years, which is great news as we head into a new year," CoreLogic President and Chief Executive Officer Anand Nallathambi said in the report.

The delinquency rate has not moved higher since January 2012, when the rate was a revised 7.4 percent.

Florida had an 11.6 percent 90-day rate, worse than any other state. In New Jersey, the rate was 10.6 percent, the second-highest in the nation.

After that was 7.9 percent in New York, 7.1 percent in Maryland and 6.8 percent in Illinois.

North Dakota's 1.2 percent serious delinquency rate was the lowest in the nation.

The foreclosure inventory declined 2.9 percent from September to 879,000. The inventory was 1.3 million in October 2012.

That put the U.S. foreclosure inventory rate at 2.2 percent in October, slipping from the previous month's 2.3 percent. The rate fell from 3.1 percent in the same month last year.

With a foreclosure rate of 7.1 percent, Florida dominated this category. New Jersey was close behind with a 6.7 percent rate, then 4.9 percent in New York, 3.8 percent in Maine and 3.7 percent in Connecticut.

All of the five-worst states are judicial foreclosure states.

Wyoming's 0.4 percent foreclosure rate was the lowest.

October saw an estimated 48,000 U.S. foreclosures completed, tumbling from 64,000 the prior month. The number of September filings was significantly revised up from 51,000 originally reported, and October's total is likely to be revised in the next report.

During the same month last year, 68,000 foreclosures were completed, revised up from 59,000.

Repossessions remain at more than double the rate prior to 2007, when around 21,000 foreclosures were being completed each month.

During the 10 months ended Oct. 31, completed foreclosures amounted to 507,000.

CoreLogic noted that 4.6 million foreclosures have been completed since the outset of the financial crisis in September 2008.

Florida had more foreclosures completed in October than any other state: 114,588. Michigan followed with 50,186, then California's 45,588, Texas' 42,734 and Georgia's 38,795.

With just 411 repossessions, North Dakota had fewer than any other state.

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