For the first time in three months, mortgage servicers brought down the rate of past-due payments on residential loans.
October’s 30-day mortgage delinquency rate, including the foreclosure pre-sale inventory, was 6.20 percent.
The non-current rate improved by 13 basis points compared to the end of the previous month.
As of the same date last year, the non-current rate was 7.13 percent.
Black Knight Financial Services delivered the data in an early version of its monthly mortgage delinquency report.
Mississippi’s 12.48 percent non-current rate was worse than any other state. Next was New Jersey’s 10.48 percent, then 9.80 percent in Louisiana, 9.06 percent in New York and 8.93 percent in Maine.
At 2.12 percent, North Dakota’s non-current rate was the lowest in the nation.
The U.S. non-current rate reflected a 4.77 percent 30-day rate excluding foreclosures, retreating from 4.87 percent in September and 5.44 percent in October 2014.
October 2015’s month-over-month improvement was the first decline since July.
Black Knight reported that the number of loans past due 30 days was 2.415 million.
There were 820,000 loans that were past due at least 90 days, putting the estimated 90-day rate around 1.62 percent.
The rate
of loans in the foreclosure inventory was 1.43 percent, down three BPS from a month earlier and 26 BPS from a year earlier.
The number of loans in the foreclosure inventory — 721,000 — was fewer than any month since December 2007.
