The last time that the serious delinquency rate and foreclosure rate were this low was just prior to the financial crisis.
At 4.0 percent, the rate of 90-day delinquency during November was lower than its been at any time since June 2008.
The serious delinquency rate was 4.2 percent in the prior month. In November 2013, ninety-day delinquency stood at 5.0 percent.
CoreLogic Inc. provided the performance statistics.
New Jersey’s 8.9 percent 90-day rate was higher than any other state. After that was Florida’s 8.1 percent, followed by 7.2 percent in New York, 5.8 percent in Maryland and 5.5 percent each in Connecticut, Maine and Mississippi.
With a 1.0 percent rate of serious delinquency, North Dakota fared best.
Roughly 567,000 loans were in some stage of the foreclosure process. The count
subsided from a downwardly revised 586,000 in October and has tumbled from an downwardly revised 812,000 in November 2013.
The level of foreclosures in process put the foreclosure rate at 1.5 percent — the lowest rate since March 2008.
In October, the rate was
1.6 percent, while it stood at an upwardly revised 2.2 percent in November 2013.
New Jersey had the highest foreclosure rate: 5.3 percent. Next was New York’s 4.1 percent, then Florida’s 3.9 percent, Hawaii’s 2.8 percent and Washington, D.C.’s, 2.4 percent.
Alaska, Nebraska and North Dakota shared the lowest foreclosure rate: 0.4 percent.
Residential loan servicers completed 41,000 foreclosures in November, fewer than the upwardly revised 47,000 real-estate-owned filings as in October. Repossessions numbered 46,000 in the same month during 2013.
“By comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006,” CoreLogic said.
During the 11 months ended Nov. 30, 2014, there were 528,000 foreclosures completed.
