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Improvement in Foreclosures, Mortgage Delinquency

Mortgage News

Delinquency on residential loans improved both on a month-over-month and year-over-year basis, as did the rate of foreclosures.

As last year concluded,
2.731 million residential loans were either at least 30 days past due or in the foreclosure pre-sale inventory.

The non-current count declined from Nov. 30, when the total was 2.761 million, and year-end 2015, when the number was 3.097 million.

The loan performance statistics were reported Monday by Black Knight Financial Services.

Last month’s total consisted of 2.248 million mortgages that were delinquent but not in foreclosure and 483,000 loans in the foreclosure pre-sale inventory.

The latest count brought to 5.37 percent the non-current rate, better than 5.44 percent three months earlier and 6.15 percent one year earlier.

In Mississippi, the non-current rate was 11.36 percent — the highest of any state. Next was Louisiana’s 10.03 percent, then West Virginia-s 8.16 percent, Alabama’s 7.96 percent and New Jersey’s 7.79 percent.

At just 2.44 percent, Colorado had the lowest non-current rate.

The U.S. non-current-rate, excluding foreclosures, was 4.42 percent as of the most-recent date. The 30-day rate fell from 4.46 percent as of Nov. 30, 2016, and 4.78 percent as of Dec. 31, 2015.

As of Dec. 31, 2016, the foreclosure inventory rate was 0.95 percent, down 3 basis points from a month earlier and 42 BPS from a year earlier.

A Mortgage Daily analysis of Black Knight’s data indicates that roughly 50.9 million U.S. loans were outstanding as of year-end 2016. Based on the 1.165 million loans that were either 90 days delinquent or in foreclosure, the 90-day rate was an estimated 2.29 percent.

Black Knight reported that 59,700 foreclosures were started last month, bringing to 764,500 the number of foreclosure starts for all of last year.

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