Black Knight: Foreclosure Inventory Drops To Lowest Level In Eight Years

Posted by Patrick Barnard on July 27, 2015 No Comments
Categories : Mortgage Servicing

The U.S. mortgage delinquency rate in June was about 4.82%, a decrease of 2.90% compared to May and down 15.53% compared to June 2014, according to Black Knight Financial Service's ‘First Look’ report.

About 2.4 million properties were delinquent (30 or more days past due) as of June – down about 69,000 from May and down about 439,000 compared to June 2014.

About 895,000 properties were seriously delinquent (90 days or more past due) in June – down about 27,000 compared to May and down about 260,000 compared to June 2014.

As a result of the dramatic decline in the number of foreclosures each month, the total U.S. foreclosure inventory in June reached 1.46%, a decrease of 2.11% compared to May and down 22.57% compared to June 2014 to reach the lowest level since 2007, Black Knight reports.

As of June, there were about 739,000 homes in the presale inventory – a decrease of about 15,000 compared to May and down about 212,000 compared to June of last year.

Still, this is about three times the amount of foreclosure inventory seen before the financial crisis that began in 2008.

Foreclosure starts also continued to decrease in June. There were about 79,000 foreclosure starts in the month – a decrease of 3.54% compared to May and down 10.53% compared to June 2014.

The monthly prepayment rate for June was 1.40%, up 3.58% compared to May and up 46.55% compared to June 2014.

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