On a month-over-month basis, distressed residential loans accounted for a smaller portion of the U.S. book of business.
Home loans that were at least 30 days past due or in the foreclosure inventory accounted for 8.19 percent of all outstanding mortgages in February.
The non-current mortgage rate tumbled compared to the previous month, falling by 43 basis points on a month-over-month basis.
A 199-basis-point improvement has been made since February 2013, Black Knight Financial Services reported Monday.
Last month’s rate was based on 4,106,000 delinquent loans, including 1,115,000 properties in the pre-sale foreclosure inventory.
Mississippi’s 14.15 percent non-current rate was the worst of any state during February. New Jersey followed with 13.63 percent.
Florida, New York and Louisiana were also among the top five.
North Dakota fared best with a non-current delinquency rate of 2.70 percent.
Ignoring the foreclosure inventory rate, the 30-day U.S. delinquency rate was 5.97 percent, tumbling from January’s rate of 6.27 percent.
The foreclosure inventory rate retreated from 2.35 percent to 2.22 percent in February.
