The mortgage delinquency rate in July was about 4.51%, an increase of 4.78% compared with June but a decrease of 3.38% compared with July 2015, according to Black Knight Financial Services’ “First Look” report.
About 2.286 million mortgages were 30 days or more past due, but not in foreclosure, in July – an increase of about 108,000 compared with June but a decrease of about 70,000 compared with July 2015.
About 695,000 mortgages were 90 days or more past due, but not in foreclosure – an increase of about 3,000 compared with June but a decrease of about 147,000 compared with a year earlier.
Based on its historical data, Black Knight is forecasting that the delinquency rate is likely to decrease in August.
There were about 61,300 foreclosure starts in July – a decrease of 11.54% compared with June and a decrease of 14.27% compared with one year earlier.
It was the second-lowest monthly total for foreclosure starts in 10 years, Black Knight says.
The presale foreclosure inventory rate in July was 1.09%, a decrease of 1.68% compared with June and a decrease of 28.36% compared with July 2015.
There were about 550,000 homes in the presale foreclosure inventory – a decrease of about 8,000 compared with June and a decrease of about 214,000 compared with July 2015.
It was the lowest presale foreclosure inventory rate since July 2007.
The monthly prepayment rate was about 1.26%. That’s down 11.98% compared with June and down 1.00% compared with July 2015.
Black Knight notes that prepayment activity fell in July despite overall growth in the number of refinance candidates and 30-year interest rates remaining at or below 3.45% for much of the month.
