Black Knight: Foreclosure Starts Fell To Lowest Level Since January 2005

Posted by Patrick Barnard on November 29, 2016 No Comments
Categories : Mortgage Servicing

The delinquency rate (30 or more days past due but not in foreclosure) on mortgages in the U.S. was at about 4.35% as of the end of October – an increase of 1.84% compared with September but a decrease of 8.87% compared with October 2015, according to Black Knight Financial Services’ First Look report.

As of the end of October, about 2.2 million properties were delinquent – an increase of about 37,000 compared with September but a decrease of about 214,000 compared with October of last year.

About 677,000 properties were seriously delinquent (90 or more days past due but not in foreclosure) – an increase of about 9,000 compared with September but a decrease of about 143,000 compared with a year earlier.

The foreclosure presale inventory rate stood at about 0.99%, which is a decrease of 0.95% compared with September and a decrease of 30.24% compared with October 2015.

As of the end of the month, there were about 504,000 properties in the foreclosure presale inventory – a month-over-month decrease of about 5,000 and a year-over-year decrease of about 217,000.

There were about 56,500 foreclosure starts in October, which is down 8.43% compared with September and down 22.81% compared with October 2015. It was the lowest number of foreclosure starts since January 2005.

The prepayment rate was about 1.49%, a decrease of 3.01% compared with September but an increase of 37.34% compared with October 2015.

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