During each of the last four months, 30-day delinquency has deteriorated from a month earlier even as the foreclosure rate has improved.
July 2016 finished with 2.836 million residential U.S. loans that were either at least 30 days’ past due or in the foreclosure pre-sale inventory.
That was 100,000 more non-current mortgages than as of the end of the prior month. But the count dropped by 284,000 from a year prior.
Black Knight Financial Services reported the numbers on Monday.
The performance statistics were derived from its loan-level database which it claims represents the majority of the national mortgage market.
Last month’s total reflected
2.286 million loans 30 days delinquent but not in foreclosure and another 550,000 properties in the foreclosure pre-sale inventory.
The non-current rate was 5.60 percent as of the most-recent date.
Delinquency surged from 5.41 percent as of June 30
but retreated from 6.11 percent as of July 31, 2015.
In Mississippi, the non-current rate as of the end of July 2016 was 11.67 percent — the highest of any state. Louisiana’s 9.63 percent followed, then New Jersey’s 8.95 percent, West Virginia’s 8.34 percent and Alabama’s 8.21 percent.
North Dakota had a non-current rate of 2.56 percent, lower than any other state.
The 90-day U.S. delinquency rate, including foreclosures, finished last month at roughly 2.46 percent, according to a Mortgage Daily analysis of Black Knight’s data.
Excluding foreclosures, the U.S. 30-day rate was 4.51 percent as of July 31, 2016.
National delinquency deteriorated 20
BPS from a month earlier.
“July ending on a Sunday suggests a historically likely August decline,” Black Knight said.
The 30-day rate has increased each month since March 2016, when it was just 4.08 percent.
Still, delinquency improved by 20 BPS from a year earlier — when it stood at a post-crisis low.
The latest reading for the foreclosure pre-sale inventory rate, meanwhile, was 1.09 percent.
A 1-basis-point decline was recorded for the foreclosure rate compared to mid-2016.
Unlike 30-day delinquency, the foreclosure rate has declined each month since February 2016, when it stood at 1.30 percent.
The foreclosure rate has
plunged 31 BPS from July 31, 2015.
Foreclosures starts came to 61,300 in July 2016, down 12 percent from the previous month and the second-lowest monthly total in a decade.
During the first-seven months of 2016, there were 457,400 foreclosure starts.
