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Delinquency Up, But Foreclosures at Pre-Crisis Level

 

Early stage mortgage delinquency took a turn for the worse last month. But the foreclosure rate returned to its pre-crisis level.

As of the end of June, there were 3,834,000 home loans that were at least 30 days past due or in the foreclosure pre-sale inventory.

The number of distressed loans increased by 29,000 from the previous month but has diminished by 951,000 compared to mid-2013.

Black Knight Financial Services reported the statistics Wednesday.

Last month’s total included 951,000 mortgages that were in the foreclosure inventory.

The rate of non-current loans was 7.58 percent as of June 30, deteriorating by 5 basis points from a month earlier.

But the non-current rate has tumbled 203 BPS from June 30, 2014.

Mississippi’s 14.05 percent non-current rate was the worst of any state. Next was New Jersey’s 12.61 percent, followed by Florida’s 11.18 percent, New York’s 10.93 percent and Louisiana’s 10.86 percent.

At just 2.58 percent, North Dakota had the lowest non-current rate in the nation.

Excluding foreclosures, the 30-day U.S. delinquency rate was 5.70 percent, climbing 8 BPS from May. But delinquency receded from 6.68 percent June 2013.

June 2014’s foreclosure inventory rate was 1.88 percent — the lowest level since May 2008.

The foreclosure rate was 1.91 percent the prior month and 2.93 percent one year prior.

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