It’s been more than seven years since mortgage delinquency and the foreclosure inventory have been as low as they were last month.
There were 3,512,000 residential loans that were at least 30 days past due or in the foreclosure pre-sale inventory as of February.
The level of distressed mortgages declined from the previous month,
when the number was 3,628,000. It was also down from the same month in 2014, when the total was 4,106,000.
Black Knight Financial Services provided the details.
Last month’s total included 2,713,000 loans that were delinquent but not in the foreclosure inventory. It also included fewer than 800,000 mortgages in the foreclosure inventory — the first dip below the 800,000 level since December 2007.
Black Knight said that the level of distressed loans brought the total non-current rate down to 6.94 percent from 7.17 percent in January.
In February 2014, total delinquency stood at
8.19 percent.
Mississippi had a 13.49 percent total delinquency rate in February 2015, the worst of any state. Next was New Jersey’s 11.67 percent, then Louisiana’s 10.73 percent, New York’s 10.18 percent and Rhode Island’s 9.99 percent.
With a rate of
2.41 percent, the non-current rate was lowest in North Dakota.
Last month’s total U.S. delinquency rate included a
5.36 percent 30-day rate excluding foreclosures, the lowest level since August 2007.
Thirty-day delinquency retreated from 5.56 percent a month earlier and 5.97 percent a year earlier.
The pre-sale foreclosure inventory rate
fell to 1.58 percent (Mortgage Daily originally mistakenly reported the foreclosure rate at 1.54 percent) from 1.61 percent in January 2015 and 2.22 percent in February 2014.
Black Knight said that 79,700 foreclosures were started in February 2015, fewer than the previous month’s 94,300.
