The U.S. mortgage delinquency rate ticked up slightly in May compared with April but remained well below the rate seen one year earlier, according to Black Knight Financial Services’ “First Look” report.
As of the end of May, the national mortgage delinquency rate stood at about 4.25%, an increase of 0.36% compared with April but a decrease of 13.47% compared with May 2015, according to the report.
About 2.153 million properties were delinquent (60 days or more past due) – an increase of about 7,000 compared with the previous month but a decrease of about 325,000 compared with one year earlier.
About 719,000 properties were seriously delinquent (90 days or more past due) in May – a decrease of about 11,000 compared with April and a decrease of about 160,000 compared with May 2015.
There were about 62,000 foreclosure starts during the month – an increase of 5.79% compared with April but a decrease of 19.77% compared with May 2015.
The total U.S. foreclosure presale inventory rate was about 1.13% of all homes with a mortgage – a decrease of 3.55% compared with April and a decrease of 28.78% compared with May 2015.
There were about 574,000 properties in the foreclosure inventory – a decrease of about 21,000 compared with April and a decrease of about 229,000 compared with May 2015.
Prepayments were on 1.30% of all mortgages – an increase of 3.31% compared with the previous month but a decrease of 2.40% compared with one year earlier.