Black Knight: Foreclosure Starts Ticked Back Up In May

Posted by Patrick Barnard on June 25, 2014 No Comments
Categories : Mortgage Servicing

Mortgage delinquencies and foreclosures continued to decline in May – and the foreclosure inventory rate reached its lowest level since July 2008 – according to Black Knight Financial Services' ‘First Look’ report.

Foreclosure starts, however, crept back up, rising nearly 10% compared to April.

The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) in May was 5.62% of all loans, down about 0.01% compared to April and down 7.55% compared to May 2013.

The total U.S. foreclosure pre-sale inventory rate was 1.91%, a drop of 5.56% compared to April and a drop of 37.23% compared to May 2013.

There were about 86,300 foreclosure starts in May – an increase of 9.52% compared to April, but down 26.11% compared to May last year.

The monthly prepayment rate was 0.90%, an increase of about 3.45% compared to April, but down a whopping 55.68% compared to May 2013.

Foreclosure sales as a percentage of loans 90-plus days overdue was 1.96%, a drop of 0.35% compared to April, but up 1.28% compared to May 2013.

About 2.8 million properties were 30 or more days past due, but not in foreclosure, in May – a drop of about 18,000 properties compared to April and down about 204,000 properties compared to May 2013.

About 1.17 million properties were 90 or more days past due, but not in foreclosure – a drop of about 18,000 compared to April and down about 166,000 compared to May 2013.

About 966,000 properties were in foreclosure pre-sale inventory, down about 50,000 compared to April and down about 559,000 compared to May 2013.

About 3.8 million properties were 30 or more days past due or in foreclosure in May – a decline of about 32,000 compared to April and a drop of about 763,000 compared to May 2013.

States with the highest percentage of delinquent (30-plus days overdue) loans in May included Mississippi (13.75%), New Jersey (12.62%), Florida (11.28%), New York (10.91%) and Louisiana (10.66%).

States with the lowest percentage of delinquent loans included Alaska (4.06%), Montana (3.96%), Colorado (3.82%), South Dakota (3.61%) and North Dakota (2.50%).

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