Serious mortgage delinquency fell to the lowest level in nearly seven years, while it’s been about the same amount of time since the foreclosure rate was so low.
Residential loans that were at least 90 days delinquent accounted for 4.0 percent of all home loans as of February.
That was a 1.1 percent improvement from the previous month. It was also the lowest level for serious delinquency since June 2008.
CoreLogic Inc. reported the statistics in its National Foreclosure Report February 2015.
February 2014’s serious rate of delinquency was previously reported at 4.9 percent.
As of Feb. 28, 2015, around 553,000 properties were in some stage of foreclosure, fewer than the upwardly revised 561,000 inventory as of one month previous.
The foreclosure inventory was an upwardly revised 761,000 as of Feb. 28, 2014.
February’s foreclosure inventory was down from a year earlier for the 40th consecutive month.
The U.S. foreclosure rate ended the most recent month at 1.4 percent — the lowest rate since March 2008.
The foreclosure rate was 1.9 percent in February 2014.
At 5.3 percent, New Jersey’s foreclosure rate was the worst in the nation. Next was New York’s 4.0 percent, then 3.4 percent in Florida, 2.8 percent in Hawaii and 2.6 percent in the District of Columbia.
Alaska’s 0.3 percent foreclosure rate was the lowest of any state.
Completed U.S. foreclosures fell to 39,000 from 44,000 in January. The prior-month number was originally reported at 43,000.
Real-estate-owned filings were 46,000 in February 2014. The year-earlier total was originally reported at
43,000.
