The total U.S. mortgage delinquency rate as of July was about 4.71% of all loans – a decrease of 2.22% compared with June and a decrease of 16.46% compared with July 2014, according to Black Knight Financial Services' First Look report.
About 2.4 million properties were 30 days or more past due – a decrease of 55,000 compared with July and a decrease of 460,000 compared with July 2014.
About 886,000 were 90 days or more past due, or seriously delinquent – down 9,000 from June and down 250,000 from July 2014.
The total foreclosure presale inventory rate reached a new, post-crisis low of 1.40%, down 3.79% compared with June and down 24.23% compared with July 2014. It the lowest level since 2007, the firm says.
There were about 711,000 homes in presale inventory in July – down 28,000 from June and down 224,000 from July 2014.
There were about 75,400 foreclosure starts in July, according to the report – down 4.56% compared with June and down 16.87% compared with July of last year.
The monthly prepayment rate for July was 1.26%, down 9.41% compared with July but up 20.42% compared with July 2014.
States with the highest percentage of delinquencies in July included Mississippi (12.75%), New Jersey (10.16%), Louisiana (9.90%), Maine (8.95%) and New York (8.92%).
States with the lowest percentage of delinquencies in July included South Dakota (3.35%), Montana (3.29%), Minnesota (3.22%), Colorado (2.96%) and North Dakota (2.12%).
States with the highest percentage of seriously delinquent (90 plus days past due) loans in July included Mississippi (4.44%), Louisiana (3.12%), Rhode Island (3.03%), Alabama (3.01%) and Arkansas (2.65%).
Black Knight notes that California saw a 16.4% reduction in non-current loans during the six-month period ended in July.