A decade has elapsed since the rate of serious mortgage delinquency was as low as it was in May. The foreclosure rate also fell to a 10-year low.
As of the end of last month, there were
2.348 million single-family loans that were either 30 days past due or in the foreclosure inventory.
The number diminished from April, when 2.505 million mortgages were past due, and May 2016, when there were 2.727 million delinquent loans.
The data was reported Thursday by Black Knight Financial Services.
Loans delinquent a month but not in foreclosure made up
1.927 million of the May 2017 total, and loans in the foreclosure inventory accounted for another 421,000.
The latest count put the non-current rate at 4.62 percent, improving from 4.91 percent a month earlier — when delinquency surged 41 basis points —
and 5.38 percent a year earlier.
The non-current rate was 10.16 percent in Mississippi as of May 31, 2017, giving the state the worst standing. Next was Louisiana’s 8.68 percent, then Alabama’s 7.13 percent, West Virginia’s 6.83 percent and Maine’s 6.60 percent.
Colorado’s 2.12 percent rate was the lowest in the nation.
Last month’s U.S. 30-day rate excluding foreclosures was
3.79 percent, tumbling 27 BPS from April 30, 2017, and plummeting 46 BPS from May 31, 2016.
The foreclosure inventory rate
dipped 2 BPS to 0.83 percent and plunged 30 BPS from the same point last year.
Ninety-day delinquency was 1.94 percent as of May 31, 2017, improving 5 BPS from one month earlier and sinking 61 BPS from one year earlier. The serious delinquency rate consisted of a 90-day rate excluding foreclosures of 1.11 percent and an 0.83 percent foreclosure inventory rate. Both components hit a 10-year low in May​.
The 55,800 foreclosure starts last month brought the year-to-date total to 297,200.
An analysis of Black Knight’s data indicates that there were an estimated 50,822,511 residential loans outstanding as of May 31, 2017.
