by Calculated Risk on 6/24/2014 07:01:00 AM
Tuesday, June 24, 2014
Black Knight: Mortgage Loans in Foreclosure Process Lowest since July 2008
According to Black Knight's First Look report for May, the percent of loans delinquent was unchanged in May compared to April, and declined by 7.6% year-over-year.
Also the percent of loans in the foreclosure process declined further in May and were down 37% over the last year. Foreclosure inventory was at the lowest level since July 2008.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was unchanged at 5.62% in May. The normal rate for delinquencies is around 4.5% to 5%. The increase in delinquencies was in the 'less than 90 days' bucket.
The percent of loans in the foreclosure process declined to 1.91% in May from 2.02% in April.
The number of delinquent properties, but not in foreclosure, is down 204,000 properties year-over-year, and the number of properties in the foreclosure process is down 559,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for May in early June.
Black Knight: Percent Loans Delinquent and in Foreclosure Process | |||
---|---|---|---|
May 2014 | April 2014 | May 2013 | |
Delinquent | 5.62% | 5.62% | 6.08% |
In Foreclosure | 1.91% | 2.02% | 3.05% |
Number of properties: | |||
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure: | 1,670,000 | 1,634,000 | 1,708,000 |
Number of properties that are 90 or more days delinquent, but not in foreclosure: | 1,169,000 | 1,187,000 | 1,335,000 |
Number of properties in foreclosure pre-sale inventory: | 966,000 | 1,016,000 | 1,525,000 |
Total Properties | 3,805,000 | 3,837,000 | 4,569,000 |