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Monthly Home Loan Performance Improves

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The number and share of past-due home loans improved in September both on a month-over-month basis and a year-over-year basis.

As of the close of business last month, 3,771,000 residential loans were either past due at least 30 days or in the foreclosure pre-sale inventory.

That was 137,000 fewer delinquent loans than as of Aug. 31 and an improvement of 822,000 compared to September 2013.

Black Knight Financial Services released the performance metrics on Friday.

As a percentage of outstanding loans, the non-current rate was 7.43 percent as of Sept. 30, retreating from 7.70 percent a month earlier and sinking from 9.09 percent a year earlier.

Mississippi’s 14.41 percent non-current rate was higher than any other state.

New Jersey followed with a rate of 12.17 percent, then 11.16 percent in Louisiana, 10.76 percent in New York and 10.55 percent in Florida.

North Dakota’s 2.43 percent non-current rate was the highest in the country.

The U.S. non-current rate included a 30-day rate, excluding foreclosures, of 5.67 percent. That was a 23-basis-point improvement from August and 79 BPS better than in September 2013.

Also included in to the non-current rate was a foreclosure pre-sale inventory rate of 1.76 percent last month. The foreclosure rate was 1.80 percent in August and 2.63 percent 12 months earlier.

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