by Bill McBride on 3/23/2015 07:01:00 AM
Monday, March 23, 2015
According to Black Knight's First Look report for February, the percent of loans delinquent decreased 3.7% in February compared to January, and declined 10% year-over-year.
The percent of loans in the foreclosure process declined 2% in February and were down about 29% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 5.36% in February, down from 5.56% in January. The normal rate for delinquencies is around 4.5% to 5%. This is the lowest level of delinquencies since August 2007.
The percent of loans in the foreclosure process declined in February to 1.58%. This was the lowest level of foreclosure inventory since December 2007.
The number of delinquent properties, but not in foreclosure, is down 453,000 properties year-over-year, and the number of properties in the foreclosure process is down 315,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for February in early April.
|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:||1,646,000||1,701,000||1,749,000||1,927,000|
|Number of properties that are 90 or more days delinquent, but not in foreclosure:||1,067,000||1,112,000||1,242,000||1,483,000|
|Number of properties in foreclosure pre-sale inventory:||800,000||815,000||1,115,000||1,694,000|