The rate of late payments on home loans resumed a favorable trend after stumbling in April, while the rate of foreclosures fell to a post-crisis low.
The 30-day residential delinquency rate, including loans that are in the foreclosure pre-sale inventory, finished May at 7.53 percent.
The non-current rate improved by 11 basis points compared to the prior month.
Compared to the same month in the prior year, 30-day delinquency has receded 160 BPS.
Black Knight Financial Services reported the performance statistics on Tuesday based on its loan-level database — which it claims represents around two-thirds of the overall market.
Mississippi maintained its lock on the title of state with the highest delinquency rate, though its rate fell 6 BPS from April to 13.75 percent.
Next was New Jersey’s 12.62 percent, followed by 11.28 percent in Florida, 10.91 percent in New York and 10.66 percent in Louisiana.
North Dakota’s 2.50 percent non-current rate was the lowest of any state.
In all, 3,805,000 U.S. loans were classified as non-current last month, including 2,839,000 delinquent loans that were not in foreclosure and 966.000 loans in the foreclosure pre-sale inventory.
Excluding the foreclosure pre-sale inventory, the 30-day rate was 5.62 percent, the same as in April — when it jumped 10Â BPS from the previous month — but better than 6.08 percent in May 2013.
The foreclosure pre-sale inventory rate was 1.91 percent, tumbling from 2.02 percent a month earlier and 3.05 percent a year earlier.
Black Knight noted that the last time the foreclosure rate was less than 2 percent was in the summer of 2008.
