Mortgage delinquency declined last month, the foreclosure rate fell, and the number of foreclosures that were initiated moved lower.
As of the end of August, there were
2,678,000 residential loans that were either 30 days past due or in the foreclosure pre-sale inventory.
The number of non-current mortgages retreated by 158,000 compared to one month earlier and by 483,000 versus one year earlier.
Black Knight Financial Services provided the data
based on an extrapolation of its loan-level database of mortgage assets.
Last month’s total included 2,151,000 loans delinquent 30 days but not in foreclosure and 527,000 loans in the foreclosure pre-sale inventory. The foreclosure inventory was down for the 19th consecutive month.
Based on the total count, the non-current rate ended the most-recent month at 5.28 percent.
The non-current rate significantly improved from 5.60 percent as of July 31 and from 6.20 percent as of Aug. 31, 2015.
By state, Mississippi’s 11.09 percent non-current rate as of August 2016 was the worst in the country. Louisiana was in the second spot with a 9.79 percent rate, followed by 8.28 percent in New Jersey, 7.82
percent in Alabama and 7.81 percent in West Virginia.
The lowest non-current rate, 2.25 percent, was in North Dakota.
Based on a Mortgage Daily analysis of Black Knight’s data, the U.S. 90-day rate, including foreclosures, was 2.36 percent, falling 10 basis points from July.
The Aug. 31, 2016,
U.S. non-current rate reflected a 4.24 percent 30-day rate excluding foreclosures.
Thirty-day delinquency was 4.51 percent as of the prior month and 4.83 percent as of a year prior.
Also included in the non-current rate was a 1.04 percent foreclosure inventory rate, improving 5 BPS from the July
and tumbling 33 BPS from August 2015.
There were 68,800 foreclosures started in August 2016, bringing the year-to-date total to 526,200.
