Serious delinquency on home loans, as well as the foreclosure rate, has fallen to the lowest level in nearly eight years.
As of the end of October, the rate of residential loans that were at least 90 days past
due worked out to 3.4 percent.
It turns out that the serious delinquency rate on all U.S. mortgages has not been this low since back in December 2007.
The statistics were detailed in the National Foreclosure Report October 2015 from CoreLogic Inc.
The serious delinquency rate was 7.9 percent in New Jersey, higher than any other state. New York’s 90-day rate was 6.5 percent, followed by 5.6 percent in Florida, 5.1 percent in Mississippi and 4.9 percent in Maine.
With a serious delinquency rate of
1.0 percent, North Dakota had the lowest rate.
Mortgages that were in some stage of foreclosure numbered 463,000 as of the latest month.
The foreclosure inventory was down from 470,000 in September.
It was also down from October 2014, when the foreclosure inventory was a downwardly revised 589,000. There have been 48 consecutive months of year-over-year declines in the inventory.
The October 2015 foreclosure inventory put the foreclosure rate at 1.2 percent — leaving it the level it stood as of November 2007.
The low foreclosure rate reflects increasing home values and progressive improvement in the economy, the report said.
The rate was previously reported at 1.2 percent as of a month earlier and was a downwardly revised 1.5 percent a year earlier.
In New Jersey, the foreclosure rate was 4.5 percent — the worst in the country. Next was New York’s 3.6 percent rate, then Hawaii’s 2.5 percent,
Florida’s 2.5 percent and the District of Columbia’s 2.3 percent.
The foreclosure rate was just 0.4 percent in Alaska, the state with the lowest rate.
Mortgage servicers completed 37,000 foreclosures in October 2015, fewer than the downwardly revised 43,000 completed the prior month.
Repossessions numbered an upwardly revised 51,000 in October 2014.
While the pace of monthly real-estate-owned filings has fallen, it’s still a ways from the 21,000 average from 2000 through 2006.