A seven-month run for year-over-year increases in mortgage delinquency came to an end last month as the number of loans in active foreclosure was the lowest in more than a decade.
Residential loans that were at least 30 days past due or in foreclosure amounted to 2.199 million mortgages as of the conclusion of April 2018.
Making up the total were 1.885 million U.S. loans that were at least 30 days past due and another 314,000 mortgages in the foreclosure pre-sale inventory.
Black Knight Inc. reported the performance statistics Wednesday.
Based on Black Knight’s data, Mortgage Daily estimates that there were 51.379 million mortgages outstanding as of the end of last month.
The non-current rate of delinquency fell to 4.28 percent from 4.36 percent as of March 31 and 4.91 percent as of the same date last year.
“Historically, mortgage delinquencies have risen 85 percent of the time in April,” the report said. “This month they declined 1.6 percent — about equal to the size of their average usual increase. April’s decline halted a seven-month trend of annual increases in the national delinquency rate.”
Mississippi’s 9.34 percent non-current rate was the worst in the country. After that was Louisiana’s 7.52 percent, followed by Florida’s 6.62 percent, Alabama’s 6.60 percent and West Virginia’s 6.11 percent.
With a non-current rate of just 1.81 percent, Colorado had the most favorable rate.
The April 2018 non-current rate included a 30-day rate, excluding foreclosures, of 3.67 percent. The rate was down 6 basis points from a month earlier and 39 BPS better than a year ago.
Ninety-day delinquency, including foreclosures, was an estimated 1.16 percent, dropping 7 BPS from March but 3 BPS higher than as of April 30, 2017.
The foreclosure inventory rate dipped 2 BPS to 0.61 percent and was 24 BPS better than as of the same date last year. Black Knight noted that the number of mortgages in active foreclosure was the fewest since August 2006.
Black Knight reported 49,300 foreclosure starts, bringing the year-to-date total to 210,400.
