Serious mortgage delinquency stands at its lowest level since 2007, while a year-over-year decline has been made in the foreclosure inventory each month the past four years.
Home loans that were at least 90 days past due accounted for 3.3 percent of all U.S. mortgages outstanding as of Nov. 30.
With the latest improvement in residential loan performance, the 90-day rate of delinquency on residential loans turned out to be at its lowest level since December 2007.
The details were spelled out in the National Foreclosure Report November 2015 from CoreLogic Inc.
Serious delinquency was previously reported at 3.4 percent as of the prior month and 4.0 percent as of a year prior.
At 7.8 percent, New Jersey had the highest rate of serious delinquency, followed by 6.4 percent in New York.
After that was 5.4 percent in Florida, 5.0 percent in Mississippi and 4.8 percent in both Maine and Rhode Island.
North Dakota’s 1.0 percent 90-day rate was the lowest of any state.
As of the most-recent date, around 448,000 U.S. homes were in some stage of foreclosure, fewer than the downwardly revised 457,000 in October.
In November 2014, the U.S. foreclosure inventory was an upwardly revised 573,000 — bringing to 49 the number of consecutive months that there has been a year-over-year decline in the inventory.
With the latest foreclosure inventory, the foreclosure rate was 1.2 percent — the same as previously reported for October and the lowest rate since December 2007.
November 2014’s rate was 1.5 percent.
The foreclosure rate reached its highest level in January 2011, when it was 3.6 percent.
In New Jersey, the foreclosure rate was 4.4 percent — worse than any other state. Next was New York’s 3.5 percent, then
Hawaii’s 2.5 percent and 2.4 percent in both Florida and Washington, D.C.
At just 0.3 percent, Alaska and Minnesota shared the lowest foreclosure rate.
November saw 33,000 foreclosures completed by loan servicers and their service providers. Real-estate-owned filings were down from an upwardly revised 38,000 a month earlier and 41,000 a year earlier.
