Black Knight: Foreclosure Starts Hit Lowest Rate Since April 2006

Posted by Patrick Barnard on December 23, 2015 No Comments
Categories : Mortgage Servicing

There were about 66,600 foreclosure starts in November – a decrease of 9.02% compared with October and a decrease of 9.76% compared with November 2014, according to Black Knight Financial Services’ First Look report.

It was the lowest number of foreclosure starts in any month since April 2006, according to the firm’s data.

The mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.92% in November – an increase of 3.18% compared with October but a decrease of 18.26% compared with November 2014.

About 2.5 million properties were 30 days or more past due but not in foreclosure – an increase of about 76,000 compared with October but a decrease of about 546,000 compared with November 2014.

About 827,000 properties were 90 days or more past due (i.e., seriously delinquent) but not in foreclosure – an increase of 7,000 compared with October but a decrease of 293,000 compared with November 2014.

The foreclosure inventory was about 1.38% of all homes with a mortgage – a decrease of 3.24% compared with October and a decrease of 21.24% compared with November 2014.

As of the end of November, there were fewer than 700,000 active foreclosures remaining, according to Black Knight’s data.

The prepayment rate in November was 0.92%, a decrease of 15.70% compared with October but a slight increase of 0.39% compared with November 2014.

For more, including a breakdown by state and metropolitan area, click here.

Register here to receive our Latest Headlines email newsletter

Leave a Comment