After surging in January, the level of delinquency on home loans made a nice improvement last month. Foreclosures were also lower.
As of Feb. 29, there were 2,907,000 U.S. mortgages that were either at least 30 days past due or in the foreclosure pre-sale inventory.
It turned out to be the first time in more than eight years that the number of non-current residential loans has been lower than 3 million.
Non-current loan count diminished by
10 percent versus a month earlier and improved by 18 percent compared to a year earlier.
Black Knight Financial Services delivered the performance data on Wednesday.
Excluding foreclosures, the count was 2,252,000, while loans in foreclosure made up
the remaining 655,000.
The most-recent total put the non-current rate at
5.75 percent — a substantial improvement from 6.39 percent as of Jan. 31.
Delinquency was also much better than
6.94 percent as of Feb. 28, 2015.
In the latest month, Mississippi’s non-current rate was 11.43 percent, the worst in the nation.
Next was New Jersey’s 9.72 percent, then Louisiana’s 9.42 percent, New York’s 8.36 percent and Maine’s 8.19 percent.
At 2.17 percent, North Dakota had the lowest non-current rate in the country.
Reflected in the February 2016 U.S. non-current rate was a 4.45 percent 30-day rate excluding foreclosures.
Thirty-day delinquency
retreated from 5.09 percent a month earlier and 5.36 percent a year earlier.
The foreclosure pre-sale inventory rate, meanwhile, was 1.30 percent, no different than in January.
But the foreclosure rate
improved by 28 basis points compared to February 2015.
