The total U.S. mortgage delinquency rate in May climbed to 4.96%, an increase of 3.95% compared to April but down 11.67% compared to May 2014, according to Black Knight Financial Services' ‘First Look’ report.
About 2.53 million properties with mortgages were 30 days or more delinquent during May – an increase of about 98,000 compared to April but down by about 326,000 compared to April 2014.
The total U.S. foreclosure presale inventory rate was 1.49%, down 1.28% compared to April and down 22.07% compared to May 2014.
Foreclosure starts totaled about 81,900 for the month, up 11.43% compared to April but down 5.10% compared to May 2014.
The monthly prepayment rate for May was 1.35%, according to the report. That's down about 2.86% compared to April but up 49.03% compared to May 2014.
About 922,000 properties were in serious delinquency (90 days or more past due) in May – down about 30,000 compared to April and down about 247,000 compared to May 2014.
There were about 754,000 properties in the foreclosure presale inventory as of May – down about 10,000 compared to April and down about 212,000 compared to May 2014.
States that had the highest number of delinquencies (30-plus days past due) in May included Mississippi (12.97%), New Jersey (10.86%), Louisiana (10.10%), New York (9.43%) and Maine (9.4%).
States that had the fewest delinquencies included North Dakota (2.21%), Colorado (3.20%), South Dakota (3.43%), Minnesota (3.48%) and Montana (3.49%).