The good news is that fewer foreclosures were initiated last month than any month in nine years. The bad news is new delinquency.
As of November’s close, 6.30 percent of all mortgages were either 30 days or more past due or in the foreclosure pre-sale inventory.
The non-current rate on U.S. residential loans deteriorated compared to a month earlier, when the rate came in at just 6.20 percent.
Black Knight Financial Services reported the data Wednesday.
But a substantial improvement has been made versus the same month in 2014, when the non-current rate was 7.71 percent.
Holding the highest non-current rate last month was Mississippi, where 12.57 percent of mortgages were delinquent.
Next was New Jersey’s 10.47 percent, then Louisiana’s 10.03 percent, New York’s 9.03 percent and Maine’s 8.96 percent.
The lowest non-current mortgage rate was in North Dakota: 2.21 percent.
Excluding foreclosures, there were 2.491 million 30-day U.S. mortgages as of Nov. 30, 2015.
That put the 30-day rate at 4.92 percent,
worsening from 4.77 percent a month earlier.
But the 30-day rate was better than 6.08 percent a year earlier.
With 820,000 loans behind by 90 days, Mortgage Daily estimates the 90-day rate was 1.62 percent as of the end of last month.
Black Knight reported that
there were 66,600 foreclosures started in the latest report — the fewest since April 2006.
Foreclosure starts receded nine percent from October and have retreated 10 percent from November 2014.
The foreclosure pre-sale inventory ended November 2015 at 698,000 properties.
That put the foreclosure rate at 1.38 percent, declining from the previous month’s 1.43 percent and the year earlier’s 1.63 percent.