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Mortgage Delinquency Sinks to 11-Year Low

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The level of late payments on America’s home loans retreated last month — leaving performance metrics looking better than anytime in the last 11 years.

March 2017 closed out with 2.279 million residential loans that were either at least 30 days past due or in the foreclosure pre-sale inventory.

That number was way down from one month prior, when the total worked out to 2.605 million, and one year prior, when it came to
2.693 million.

Black Knight Financial Services Inc. reported the metrics on Friday.

Last month’s total included 1.831 million mortgages delinquent 30 days but not in foreclosure, and 0.448 million loans in the foreclosure pre-sale inventory.

Based on an analysis of Black Knight’s data, there were roughly an estimated 50.644 million loans outstanding.

The non-current rate came out to 4.50 percent as of the most-recent date, tumbling from 5.14 percent as of Feb. 28. An even bigger improvement was made from March 31, 2016, when the rate was 5.33 percent.

The non-current rate in Mississippi as of March 31, 2017,
was 9.70 percent — the highest of any state. Louisiana followed at 8.46 percent, then 6.87 percent in Alabama, 6.64 percent in New Jersey and 6.56 percent in West Virginia.

In Colorado, the non-current rate was 2.06 percent — the lowest of any state.

The U.S. non-current rate as of last month reflected a 3.62 percent 30-day rate excluding foreclosures — the lowest delinquency rate since March 2006. The 30-day rate sank from 4.21 percent a month earlier
and 4.08 percent a year earlier.

Also reflected in the non-current rate was an 0.88 percent foreclosure pre-sale inventory rate. The foreclosure rate was 0.93 percent at the close of February 2017 and
1.25 percent at the end of March 2016.

Mortgage Daily’s analysis indicated that the 90-day rate was an estimated 1.16 percent as of the latest month.

There were 60,300 foreclosures started in March 2017, bringing to 188,600 the number of foreclosure starts so far this year.

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