The national rate of delinquency on mortgage loans continued to drop in February, falling 4.87% compared to January to reach 5.97% of all mortgage activity, according to Black Knight Financial Services' ‘First Look’ report.
On a year-over-year basis, delinquencies (loans 30 or more days past due, but not in foreclosure) were down 12.28% compared to February 2013 – that's nearly 1 million fewer non-current mortgages than a year ago, according to Black Knight.
The rate of foreclosure also continued to fall. There were 91,993 foreclosure starts in February, down 2.21% compared to January and down 30.22% compared to February 2013.
The monthly prepayment rate for February was 0.66% – an decrease of 10.57% compared to January and a decrease of 63.61% compared to February 2013.
Foreclosure sales accounted for about 1.68% of all sales – down a whopping 21.75% from January and down 4.87% compared to February 2013.
In February, about 2,991,000 properties were 30 or more days past due, but not in foreclosure. That's down about 149,000 from January and down about 419,000 from February last year.
About 1,242,000 properties were 90 or more days past due, but not in foreclosure. That's down about 47,000 properties compared to January and down about 241,000 properties compared to February 2013.
The number of properties that were 30 or more days past due or in foreclosure was about 4,106,000 – down about 209,000 from January and down a whopping 998,000 from February 2013.
About 1,115,000 properties were in foreclosure pre-sale inventory, as of February, down about 60,000 compared to January and down about 579,000 compared to February 2013.
States with the highest rate of delinquency for February included Mississippi (14.15%), New Jersey (13.63%), Florida (12.88%), New York (11.75%) and Louisiana (11.27%).
States with the lowest percentage of non-current loans included Colorado (4.21%), Montana (4.21%), Alaska (4.09%), South Dakota (3.68%) and North Dakota (2.70%).
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