Borrowers on residential loans classified a seriously delinquent accounted for the smallest share of overall mortgage borrowers in more than seven years, as was the case for the foreclosure rate. Repossessions, however, rose.
Home loans that were at least 90 days past due made up 3.5 percent of all mortgages during the month of May.
The serious rate of delinquency has not been that low since January 2008.
The home loan performance data were revealed in the National Foreclosure Report May 2015 from CoreLogic Inc.
CoreLogic previously reported 90-day delinquency at
3.6 percent a month earlier and 4.4 percent a year earlier.
New Jersey’s 8.4 percent 90-day rate was the highest of any state during May of this year.
No. 2 New York had a 6.8 percent rate.
Florida’s 6.5 percent followed, then 5.2 percent in Maine and 5.1 percent in Maryland.
An 0.9 percent rate in North Dakota was the lowest in the nation.
As of the most-recent month reported, 491,000 U.S. homes were in some stage of foreclosure.
The foreclosure inventory was down from 506,000 the prior month and has substantially improved from May 31, 2014, when it stood at 676,000.
CoreLogic noted that the foreclosure inventory has been down year-over-year for 43 consecutive months.
The rate of foreclosures was 1.3 percent as of the most-recent date. That was less than 1.4 percent previously reported for April 2015 and the lowest rate since 2007.
CoreLogic said the foreclosure rate was 1.7 percent in May 2014.
In New Jersey, May 2015’s foreclosure rate was 4.9 percent, higher than in any other state.
New York’s 3.7 followed, then Florida’s 2.9 percent, Hawaii’s 2.5 percent and the District of Columbia’s 2.4 percent.
At 0.3 percent, the foreclosure rate was lowest in Alaska.
Residential loan servicers completed the foreclosure process on 41,000 U.S. mortgages during May.
The volume of real-estate-owned filings worsened from 39,000 the previous month but improved compared to the same month in 2014, when there were 51,000 REOs.
For the five months ended May 31, 2015, there have been 190,000 repossessions.
