Despite a modest up tick in the mortgage delinquency rate, the rate of properties in the foreclosure process descended to the lowest level in nine years.
A total of
2,674,000 U.S. residential loans were either delinquent at least 30 days or in the foreclosure pre-sale inventory as of Sept. 30 of this year.
The inventory was slightly diminished versus the prior month, when the total was 2,678,000, but much less than a year prior, when the number was 3,194,000.
Black Knight Financial Services Inc. reported the performance metrics Tuesday.
Factored into last month’s figure were 2,165,000 loans past due at least 30 days but not in foreclosure and 509,000 loans in the foreclosure pre-sale inventory.
The latest total put the non-current rate at
5.27 percent. The rate slipped a basis point from August and tumbled 106 BPS from September 2015.
At 11.16 percent, Mississippi had the highest non-current rate of any state. Louisiana followed at 10.32 percent, then 8.13 percent in New Jersey, 7.85 percent in Alabama and 7.72 percent in West Virginia.
North Dakota’s 2.23 percent was the lowest rate in the country.
Excluding foreclosures, the U.S. 30-day rate was 4.27 percent in September 2016.
Thirty-day delinquency worsened by 3 BPS compared to a month earlier. But the past-due rate has improved by 60 BPS from a year earlier.
“September’s less-than-one-percent seasonal increase in the delinquency rate was relatively mild by historical standards,” the Jacksonville, Florida-based company said.
The foreclosure inventory rate, meanwhile,
was 1.00 percent — “its lowest point in nine years.” The foreclosure rate was 1.04 percent as of Aug. 31, 2016, and 1.46 percent as of Sept. 30, 2015.
Ninety-day mortgage delinquency including foreclosures finished September 2016 at an estimated 2.32 percent based on a Mortgage Daily analysis of Black Knight’s data.
