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30-Day Rate Up Despite Drop in Foreclosure Rate

Mortgage News

The foreclosure inventory fell to a more than decade low. Improvement in the foreclosure rate was more than offset by hurricane-related deterioration in the 30-day rate.

On Oct. 31, the number of
single-family loans that were either at least 30 days past due or in the foreclosure pre-sale inventory came to 2.610 million.

The non-current count included 2.262 million loans that were delinquent 30 days but not in foreclosure, and 0.348 million mortgages in the pre-sale foreclosure inventory — “falling below 350,000 for the first time since 2006.”

Black Knight Inc., which reported the statistics Tuesday, said more than 229,000 delinquent loans were attributed to the hurricanes, with Irma’s count more than double Harvey’s.

Using Black Knight’s data, Mortgage Daily estimates that there were around 50.977 million residential loans outstanding at the end of last month.

That put the non-current rate at 5.12 percent, rising 4 basis points from the apparently downwardly revised level in September. Still, mortgage delinquency stands 22 BPS lower than previously reported rate as of Oct. 31, 2016.

In Mississippi, last month’s non-current rate was 10.62 percent, the worst rate in the country. Florida followed at 9.90 percent, then 9.20 percent in Louisiana, 7.33 repent in Alabama and 7.32 percent in Texas. At 2.11 percent, Colorado had the lowest non-current rate.

The U.S. 30-day rate, excluding foreclosures, was 4.44 percent, more than the previously reported 4.40 percent as of Sept. 30
and 4.35 percent at the same point last year.

October’s increase from a month earlier “can be directly linked to continued hurricane impact.”

A stunning 186-basis-point increase in delinquency from the preceding report was recorded for FEMA-declared hurricane disaster areas. In unaffected areas, the late-payment rate was
down 14 BPS.

At 0.68 percent, the foreclosure pre-sale inventory was lower than a previously reported 0.70 percent in the prior month and a previously reported 0.99 percent a year prior.

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