The rate of borrowers whose residential loans became a month overdue deteriorated last month even as foreclosures eased.
At the end of August, there were approximately 3,908,000 U.S. home loans that were classified as a non-current mortgage.
Included in last month’s total were 2,995,000 residential loans at least 30 days delinquent and another 913,000 loans that were in the foreclosure pre-sale inventory.
The figures were reported by Black Knight Financial Services based on its loan-level database of mortgage assets.
The non-current rate, including 30-day delinquency and foreclosures, was 7.70 percent as of Aug. 31.
Delinquency deteriorated compared to July, when the non-current rate was 7.49 percent.
But loan performance was improved over the same month last year, a month that saw a rate of 8.86 percent.
Coming in with the highest non-current rate in the nation last month was Mississippi, where 14.68 percent of borrowers were either at least a month delinquent or in the foreclosure process.
New Jersey was next with a rate of 12.59 percent, then Louisiana’s 11.37 percent, New York’s 11.10 percent and Florida’s 10.98 percent.
At 2.60 percent, North Dakota had the lowest non-current rate.
Black Knight reported the U.S. 30-day rate without foreclosures at 5.90 percent as of the latest month.
Thirty-day delinquency rose from 5.64 percent as of July 31 but retreated from 6.20 percent as of Aug. 31, 2013.
Also factored in to the non-current rate was a 1.80 percent foreclosure pre-sale inventory rate.
Unlike the 30-day rate, the foreclosure rate improved from the previous month — dropping by 5 basis points.
An 86-basis-point year-over-year improvement was made on the foreclosure rate.
