An eight-year low for mortgages in the foreclosure process helped drag down the non-current rate on home loans last month.
The number of mortgages that were either 30-days past due or in the foreclosure pre-sale inventory was 3.183 million in June.
Last month’s non-current total included 2.444 million residential loans that were a month delinquent but not in the foreclosure process.
Another 0.739 million were in the foreclosure pre-sale inventory — the fewest loans in foreclosure since 2007.
But the foreclosure number — which was reported Thursday by Black Knight Financial Services — is “still three times [the] ‘normal’ rate.”
The report indicated that 79,000 foreclosures were started last month — the second-lowest post-crisis figure.
June’s total worked out to
a 6.28 percent non-current rate, declining from 6.45 percent the previous month.
The rate has significantly improved compared to June 2014, when it stood at 7.58 percent.
Mississippi had the highest non-current rate of any state: 12.74 percent. New Jersey was next with a 10.56 percent rate, then Louisiana’s 9.91 percent, Maine’s 9.16 percent and New York’s 9.14 percent.
At just 2.20 percent, North Dakota had the lowest non-current rate of any state.
The U.S. 30-day rate, excluding foreclosures, was
4.82 percent.
That was better than 4.96 percent in May 2015 and 5.70 percent in June 2014.
Black Knight reported the foreclosure pre-sale inventory rate at 1.46 percent, also better than a month earlier, when the rate was 1.49 percent.
The foreclosure rate was
1.88 percent a year earlier.
