After falling to the lowest level in a dozen years, 30-day delinquency moved down by another 9 basis points. Also improving was the foreclosure inventory rate.
When August concluded, there were
2,099,000 U.S. residential loans that were either at least one month delinquent or in the process of foreclosure.
The non-current count consisted of
1,818,000 mortgages that were at least 30 days past due and another 280,000 units in the foreclosure pre-sale inventory.
Black Knight Inc. reported the statistics.
An analysis of the data indicates that total mortgages outstanding as of Aug. 31 numbered an estimated 51.700 million.
Last month’s count put the non-current rate at
4.06 percent, tumbling 12 basis points from July and 63 BPS better than in August 2017.
The worst non-current rate was in Mississippi: 9.61 percent. Next was Louisiana’s 7.52 percent, then Alabama’s 6.45 percent, West Virginia’s 6.11 percent and Arkansas’ 6.09 percent.
Colorado’s 1.83 percent was the lowest of any state.
One component of the U.S. non-current rate
was 30-day delinquency excluding foreclosures, which came in at 3.52 percent — the lowest rate since March 2006. The 30-day rate fell 9 BPS from a month earlier — when the rate was also a 12-year low — and plunged 41 BPS from one year earlier.
The other component, the foreclosure inventory rate, was 0.54 percent, 3 BPS better than as of July 31 and 22 BPS lower than at of Aug. 31, 2017.
Serious mortgage delinquency, which is the 90-day rate including foreclosures, most recently was 1.53 percent.
The 48,000 foreclosure starts in August brought the year-to-date total to 395,100.
