Despite an increase in 30-day delinquency, the foreclosure rate declined and foreclosure starts descended to the lowest level in 10 years.
As of April 30, there were 2,741,000 residential loans that were either at least 30 days past due or in the foreclosure pre-sale inventory.
That turned out to be more than as of the end of the March, when the number of non-current mortgages finished the month at 2,693,000.
But it was an improvement versus the same month last year, when an upwardly revised 3,201,000 loans were considered non-current.
The statistics were compiled and reported by Black Knight Financial Services.
Last month’s non-current count reflected 2.146 million delinquent loans that weren’t in foreclosure and 0.595 million loans that were in the foreclosure pre-sale inventory.
The non-current rate as of April 30, 2016, was
Black Knight previously report a non-current rate of
5.33 percent a month earlier and 6.28 percent as of a year earlier.
At 11.04 percent, Mississippi’s non-current rate was worse than in any other state as of April 30, 2016. Louisiana followed with a 9.05 percent rate, then New Jersey’s 9.03 percent and New York’s and Maine’s 7.92 percent.
With a non-current rate of just 2.17 percent, North Dakota had the most-favorable level of distressed loans.
The latest U.S. non-current rate included a 30-day delinquency rate, excluding foreclosures, of 4.24 percent.
Thirty-day delinquency climbed from 4.08 percent in March but has subsided from 4.77 percent in April 2015.
At 1.17 percent as of April 2016, the foreclosure pre-sale inventory rate
retreated from 1.25 percent the prior month and 1.51 percent during the same month the prior year.
Black Knight’s report indicated that foreclosure starts last month numbered 58,700 — the fewest since April 2006.