Although mortgage delinquency rose for the second consecutive month, foreclosures starts were the lowest in more than a decade.
As of Oct. 31, 2016, there were 2.706 million home loans that were either at least 30 days past due or in the foreclosure process.
Compared to a month previous, the number of non-current loans rose 32,000, though the total was down 430,000 from a year previous.
Those details and more were delivered Tuesday by
Black Knight Financial Services Inc.
The most-recent total consisted of 2.202 million loans 30 days delinquent but not in foreclosure and 504,000 loans in the foreclosure pre-sale inventory.
Last month’s total put the non-current rate at 5.34 percent, worsening from 5.27 percent as of Sept. 30. But the non-current rate improved from 6.20 percent as of Oct. 31, 2015.
In Mississippi, the non-current rate was 11.23 percent as of Oct. 31, 2016 — higher than in any other state. After that was 10.18 percent in Louisiana, then New Jersey’s 8.15 percent, Alabama’s 7.93 percent and New York’s 7.85 percent.
North Dakota’s 2.22 percent non-current rate was the lowest in the land.
Reflected in the latest U.S. non-current rate was a 4.35 percent
30-day rate excluding foreclosures. The 30-day rate worsened from 4.27 percent a month earlier, when the rate was also higher, but retreated from 4.77 percent a year earlier.
Black Knight described the month-over-month deterioration as a “modest seasonal increase.”
Also included in the most-recent non-current rate was an 0.99 percent foreclosure pre-sale inventory rate, dipping from 1.00 percent at the end of September and tumbling from 1.43 percent at the same point last year.
An analysis of Black Knight’s data by Mortgage Daily indicates that the 90-day rate, including the foreclosure inventory, was 2.33 percent at the close of October 2016.
There were 56,500 foreclosure starts last month, “the lowest one-month total in nearly 12 years,” Black Knight said.
From Jan 1, 2016, through Oct. 31, foreclosure starts amounted to
644,400.
