Foreclosure metrics for last month all showed improvement, while delinquency declined to near its lowest level since the financial crisis erupted.
For the month of July, there were 3.100 million residential loans that were either 30 days or more past due or in the foreclosure process.
That was fewer than the 3.183 million distressed home loans previously reported for a month earlier and far less than 3.784 million in the same month last year.
Black Knight Financial Services delivered the performance data.
Loans that were not in foreclosure accounted for
2.389 million of the non-current loans.
Loans in the foreclosure pre-sale inventory made up another 0.711 million properties — the fewest since 2007.
Foreclosure starts numbered 75,400 during the most-recent month, down five percent on a month-over-month basis and 17 percent lower on a year-over-year basis.
The non-current delinquency rate — including loans at least 30 days delinquent or in the foreclosure inventory — was
6.11 percent.
Delinquency tumbled from 6.28 percent in June and
7.49 percent in July 2014.
In Mississippi, the non-current rate last month was 12.75 percent — the worst in the nation. New Jersey’s 10.16 percent was second-highest, then Louisiana’s 9.90 percent, Maine’s 8.95 percent and New York’s 8.92 percent.
North Dakota’s
2.12 percent non-current rate was the best of any state.
July 2015’s non-current U.S. rate included a 30-day rate, excluding foreclosures, of 4.71 percent.
That puts the delinquency rate near its post-crisis low, Black
Knight said.
The 30-day rate was 4.82 percent a month earlier and 5.64 percent a year earlier.
Also included in the latest non-current rate was
a 1.40 percent foreclosure pre-sale inventory rate.
The foreclosure rate improved from June 2015, when it was 1.46 percent, and July 2014, when it stood at 1.85 percent.
