Residential loan delinquency saw a seasonal up tick in April, but the rate of foreclosures moved lower. Both metrics have substantially improved from a year earlier.
As of last month, 3,179,000 mortgages were delinquent. The total included 2,415,000 loans past due at least 30 days but not in foreclosure and 764,000 loans in the foreclosure pre-sale inventory.
The total number increased by 17,000 compared to March. However, distressed loan count has plunged 658,000 since April of last year.
Black Knight Financial Services, which reported the performance data on Friday, called the month-over-month up tick “seasonal.”
Florida led the nation with a 17 percent reduction in non-current inventory over the past six months, Black Knight stated.
Distressed residential loans accounted for 6.28 percent of all mortgages as of April 30.
The non-current rate crept up three basis points from the previous month.
But residential loan servicers have made a substantial improvement over the same month last year, when total delinquency was at 7.64 percent.
With a 12.63 percent non-current rate last month, Mississippi had the highest rate of any state. Next was New Jersey’s 10.75 percent, then Louisiana’s 9.79 percent, New York’s 9.22 percent and Maine’s 9.06 percent.
North Dakota’s 2.11 percent non-current rate was the lowest in the land.
April 2015’s U.S. rate reflected a 4.77 percent 30-day rate excluding foreclosures.
The 30-day rate worsened from 4.70 percent a month earlier but has tumbled from 5.62 percent a year earlier.
Also reflected in last month’s total rate was a
1.51 percent foreclosure pre-sale inventory rate.
That was four BPS better than in March and a 51-basis-point improvement over April 2014.
