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 | |||
---|---|---|---|
March 2014 | February 2014 | March 2013 | |
Delinquent | 5.52% | 5.97% | 6.59% |
In Foreclosure | 2.13% | 2.22% | 3.38% |
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 |
Total Properties | 3,840,000 | 4,106,000 | 4,997,000 |
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