Though serious delinquency has continued to diminish, completed foreclosures rose for the second consecutive month to the most in six months.
As of April 30, residential loans that were at least three months past due accounted for 3.0 percent of all U.S. mortgages that were outstanding.
That rate of serious mortgage delinquency turned out to be the lowest 90-day rate of delinquency for the country since back in October 2007.
Those details and more were reported in the National Foreclosure Report April 2016 from CoreLogic Inc.
Ninety-day delinquency was previously reported at 3.1 percent as of March 2016 and 3.6 percent as of April 2015.
In just New Jersey, 6.9 percent of all mortgages were delinquent at least 90 days — the highest rate of serious delinquency in any state. New York’s 90-day rate was 5.9 percent,
followed by Florida’s 4.6 percent, Mississippi’s 4.4 percent and Maine’s 4.3 percent.
North Dakota’s 1.0 percent was the lowest serious delinquency rate in the nation.
There were 406,000 home loans that were in some stage of foreclosure as of April 30, 2016, fewer than the downwardly revised 418,000 as of a month earlier.
The foreclosure inventory was also down from the upwardly revised 530,000 as of a year earlier — marking the 54th year-over-year decline.
CoreLogic reported a 1.1 percent foreclosure rate,
the same as it was previously reported at as of March 31 but better than the previously reported 1.4 percent as of April 30, 2015.
The foreclosure rate was 3.7 percent in New Jersey — worse than any other state. Next was New York’s 3.2 percent, then Hawaii’s 2.2 percent, the District of Columbia’s 2.1 percent and Florida’s 2.0 percent.
At just 0.3 percent, Alaska and Minnesota shared the lowest foreclosure rate.
Mortgage servicers completed 37,000 foreclosures during the most-recent month — a thousand or so more than were completed in March.
Real-estate-owned filings have increased each month since February, when there were a downwardly revised 29,000, and stand at their highest level since October 2015, when the total was an upwardly revised 38,000.
In April 2015, the number of repossessions was an upwardly revised 43,000.
CoreLogic continued to highlight, however, that the pace of REO filings still stands well above the 21,000 monthly average between 2000 and 2006.
From Jan. 1 through April 30 of this year, 137,000 foreclosures have been completed.
