For two consecutive months now, the rate of past-due payments has grown and the rate of foreclosures has increased. Foreclosure starts also moved higher.
The non-current rate of mortgage delinquency, including loans past due at least 30 days or in the foreclosure pre-sale inventory, was 6.33 percent in September.
Delinquency deteriorated 13 basis points compared to one month earlier.
It was the second month in a row that home loan performance worsened.
But delinquency has significantly improved versus the same month last year, when the non-current rate came in at 7.43 percent.
Financial Services reported the metrics Friday based on its loan-level database of mortgage assets.
By state, Mississippi had the worst non-current rate: 12.93 percent. Next was New Jersey’s 10.63 percent, then Louisiana’s 10.08 percent and 9.20 percent in both Maine and New York.
North Dakota had a 2.19 percent rate — the lowest in the nation.
Excluding foreclosures, there were 2,457,000 loans past due at least 30 days. That left last month’s 30-day rate at 4.87 percent, four BPS worse than in August but 80 BPS better than as of Sept. 30, 2014.
Based on 817,000 loans that were reported as being at least 90 days’ delinquent, Mortgage Daily estimates the 90-day rate to have been 1.62 percent in September 2015.
Another 737,000 loans were in the foreclosure pre-sale inventory as of the most-recent month. The foreclosure rate was 1.46 percent,
up nine BPS on a month-over-month basis but down 30 BPS on a year-over-year basis.
Black Knight reported 79,900 foreclosure starts as of last month,
up five percent from the downwardly revised number for August but a 16 percent improvement over September 2014.