Mortgage delinquency has decreased each of the last five months,
the foreclosure rate fell to a 15-year low, and the number of foreclosures started slowed to near a 17-year low.
As of May 31, there were 2.171 million U.S. single-family loans that were either at least 30 days past due or in the foreclosure inventory.
Included in the total were 1.867 million mortgages that were delinquent a month but not in foreclosure and 303,000 units in the foreclosure inventory.
Black Knight Inc. reported the performance statistics Thursday.
According to the Jacksonville, Florida-based mortgage service provider, “At the current rate of decline, national foreclosure inventories are on pace to hit the pre-recession average (2000-2005) in early Q3 2018.”
Based on Black Knight’s data, Mortgage Daily estimates that 51.324 million home loans were outstanding as of the end of last month.
Black Knight reported that the non-current rate on mortgages fell to 4.23 percent from 4.28 percent as of April 30 and tumbled from 4.62 percent as of May 31, 2017.
At 9.49 percent, Mississippi had the worst non-current rate of any state. Louisiana followed at 7.47 percent, then Alabama’s 6.56 percent, West Virginia’s 6.27 percent and Florida’s 6.07 percent.
Colorado’s 1.90 percent non-current rate was the lowest in the nation.
Reflected in the U.S. non-current rate was a 30-day rate, excluding foreclosures, of
3.64 percent — the lowest rate since it was 3.62 percent in March 2017. The 30-day rate was down 3 basis points from a month earlier and has declined each month since December 2017, when it was 4.71 percent. Delinquency was 15 BPS lower than a year earlier.
Ninety-day delinquency, including foreclosures, fell to 1.70 percent from 1.77 percent and also improved from 1.94 percent in May 2017.
The foreclosure inventory rate retreated 2 BPS to 0.59 percent, leaving “its lowest point in 15 years.” The rate plunged from 0.83 percent twelve months earlier.
The
44,900 foreclosures initiated last month were “the second lowest monthly foreclosure starts in more than 17 years.” The latest total brought year-to-date 2018 foreclosure starts to 255,300.
