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Foreclosures at 10-Year Low, Delinquency Up

Mortgage News

Mortgage Daily

                                                 August 24, 2017

Although there was month-over-month deterioration in residential loan delinquency, the number of mortgages in foreclosure retreated to a level not seen in a decade.

Single-family mortgages that were at least 30 days past due or in the foreclosure process numbered 2.384 million as of the end of July.

The total was comprised of 1.986 million mortgages past due at least 30 days and 398,000 loans in the foreclosure pre-sale inventory — the first time it has been less than 400,000 since February 2007.

Based on an analysis of the delinquency data, which was reported Thursday by Black Knight Financial Services, Mortgage Daily estimates that 50,940,171 mortgages were outstanding as of July 31, 2017.

Last month’s non-current rate on residential loans was 4.68 percent. Delinquency worsened from 4.61 percent as of June 30. But the rate tumbled from 5.60 percent as of July 31, 2016.

At 10.45 percent as of July 31, 2017, the non-current rate in Mississippi was higher than in any other state. Louisiana’s 8.77 percent followed, then Alabama’s 7.23 percent, West Virginia’s 7.01 percent and Maine’s 6.59 percent.

The lowest rate was in Colorado: 2.18 percent.

U.S. mortgage delinquency of at least 30 days, excluding foreclosures, was 3.90 percent in the most-recent report. The rate worsened 10 basis points from a month earlier but sank 61 BPS from a year earlier.

Using Black Knight’s data, Mortgage Daily estimates that the 90-day delinquency rate, including foreclosures, was 1.87 percent as of the end of last month.

The foreclosure-inventory rate fell to 0.78 percent from 0.81 percent has declined even more since the same date last year, when the rate was 1.09 percent.

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