Mortgage delinquency retreated last month thanks to a foreclosure inventory that has plummeted to the lowest level since the Great Recession.
Residential loans that were at least 30 days past due or in the foreclosure inventory numbered 2.528 million as of the conclusion of February.
The total included 2.198 million mortgages at least 30 days past due and another 331,000 loans in the foreclosure inventory, a new post-recession low.
Those details were delivered Thursday by Black Knight Inc.
Based on an analysis of Black Knight’s data, Mortgage Daily estimates total home loans outstanding at the end of last month came to 51.071 million.
The non-current rate worked out to 4.95 percent as of Feb. 28, dipping 2 basis points from a month previous. Compared to the same date last year, the non-current rate has tumbled 19 BPS.
Last month’s non-current rate in Mississippi was 10.69 percent — the worst of any state. After than was 9.11 percent in Louisiana, followed by Florida’s 8.21 percent, Alabama’s 7.53 percent and West Virginia’s 6.96 percent.
In Colorado, the non-current rate was 2.10 percent — the lowest of any state.
Included in the latest U.S. non-current rate was a 4.30 percent 30-day rate excluding foreclosures. The 30-day rate slipped a single basis point from January but worsened by 9 BPS compared to Feb. 28, 2017.
Mortgage Daily estimates that the 90-day rate, including foreclosures, was 2.01 percent last month.
The other component of February 2018’s non-current rate was an 0.65 percent foreclosure inventory rate. The foreclosure rate was down a basis point from the prior month and plunged 28 BPS from a year prior.
Including the 46,700 foreclosure starts last month, there have been 109,000 foreclosures initiated during the first-two months of this year.
