The delinquency rate fell to about 5.36% of all mortgages in February – down 3.7% compared to January and down 10.24% compared to February 2014 to reach the lowest since August 2007 – according to Black Knight Financial Services.
Foreclosure starts fell to about 79,700 for the month – down 15.48% compared to January and down 13.37% compared to February last year – according to the firm's ‘First Look’ mortgage report, which analyzes data flowing through Black Knight's mortgage servicing platform.
What's more, the foreclosure inventory fell to below 800,000 units in February – down about 15,000 compared to January and down about 315,000 compared to February 2014 to reach the lowest level since December 2007.
The total U.S. foreclosure presale inventory rate was about 1.58% of all homes, down about 1.91% compared to January and down 28.98% compared to February 2014.
The prepayment rate jumped an impressive 31.5% compared to January and was up 75%, year over year. About 1.16% of accounts saw prepayments in February.
About 2.7 million properties were 30 or more days past due but not in foreclosure in February – a drop of about 100,000 compared to January and a drop of about 278,000 compared to February 2014.
About 1.1 million properties were 90 or more days past due but not in foreclosure – a drop of about 45,000 compared to January and a drop of about 175,000 compared to February 2014.
States with the highest percentage of delinquent (30-plus days past due) loans were Mississippi (13.49%), New Jersey (11.67%), Louisiana (10.73%), New York (10.18%)
and Rhode Island (9.99%).
States with the lowest percentage of delinquent loans included Montana (3.74%), Minnesota (3.70%), South Dakota (3.57%), Colorado (3.49%) and North Dakota (2.41%).