Although there was a nice improvement last month in U.S. foreclosure metrics, the rate of 30-day delinquency on residential loans climbed to the highest level in four months.
Single-family loans that were at least 30 days delinquent or in foreclosure numbered 2.216 million as of mid-2018, according to data reported Tuesday by Black Knight Inc.
The total was comprised of 1.925 million loans that were 30 days past due but not in foreclosure and 291,000 units that are in the foreclosure pre-sale inventory — the fewest in nearly 12 years.
Based on Black Knight’s data, Mortgage Daily estimates that total residential loans outstanding ended last month at approximately 51,535 million.
The non-current rate of mortgage delinquency climbed to 4.30 percent from 4.23 percent as of May 31. But an improvement has been made versus June 30, 2017, when the rate was 4.61 percent.
In Mississippi, last month’s non-current rate was 9.70 percent — the worst of any state. Next was Louisiana’s 7.64 percent, followed by 6.71 percent in Alabama, 6.65 percent in West Virginia and 5.96 percent in Maine.
Colorado had a 1.95 percent non-current rate — the lowest of any state.
June 2018’s U.S. non-current rate included a 30-day rate, excluding foreclosures, of 3.74 percent. Thirty-day delinquency
climbed 10 basis points from a month earlier. But a 6-basis-point improvement has been made versus a year earlier.
Also included was a 0.56 percent foreclosure
pre-sale inventory rate, improving from 0.59 percent in May and 0.81 percent in June 2017.
Additionally reflected in the rate was a 90-day rate, including foreclosures, of 1.62 percent — a post-recession low.
Black Knight reported that there were
43,500 foreclosure started last month — the fewest of any month in more than 17 years. The latest number brought the first-half 2018 total to 298,800.
