by Bill McBride on 4/22/2014 07:01:00 AM
Tuesday, April 22, 2014
According to Black Knight's First Look report for March, the percent of loans delinquent decreased in March compared to February, and declined by more than 16% year-over-year. This is the lowest level for mortgage delinquencies since October 2007.
Also the percent of loans in the foreclosure process declined further in March and were down 37% over the last year. Foreclosure inventory was at the lowest level since October 2008.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) decreased to 5.52% in March from 5.97% in February. The normal rate for delinquencies is around 4.5% to 5%.
The percent of loans in the foreclosure process declined to 2.13% in March from 2.22% in February.
The number of delinquent properties, but not in foreclosure, is down 538,000 properties year-over-year, and the number of properties in the foreclosure process is down 619,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for March in early May.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:||1,571,000||1,749,000||1,842,000|
|Number of properties that are 90 or more days delinquent, but not in foreclosure:||1,199,000||1,242,000||1,466,000|
|Number of properties in foreclosure pre-sale inventory:||1,070,000||1,115,000||1,689,000|