Black Knight: Active Foreclosures Fell To Lowest Rate In Nine Years

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The U.S. mortgage delinquency rate stood at 4.27% in September – an increase of 0.74% compared with August but a decrease of 12.24% compared with September 2015, according to Black Knight Financial Services’ “First Look” mortgage report.

September’s less-than-1% seasonal increase in the delinquency rate was relatively mild by historical standards, the firm notes.

As of the end of September, about 2.165 million residential properties were delinquent, i.e., 30 days or more past due but not in foreclosure. That’s an increase of about 14,000 properties compared with August but a decrease of about 292,000 compared with September 2015.

About 668,000 properties were in serious delinquency, i.e., 90 days or more past due but not in foreclosure. That’s a decrease of about 1,000 compared with the previous month and a decrease of about 149,000 compared with a year earlier.

Black Knight notes that delinquencies in September were highest in the oil states, with Alaska and Wyoming seeing the largest increases over the past six months.

The total U.S. foreclosure presale inventory stood at about 1.0%, a decrease of 3.38% compared with August and a decrease of 31.23% compared with September 2015.

As of the end of the month, there were about 509,000 homes in the foreclosure inventory – a decrease of about 18,000 compared with August and a decrease of about 228,000 compared with September 2015.

The firm says the rate of all mortgages that are in active foreclosure fell to its lowest point in nine years.

The monthly prepayment rate stood at about 2.03%, a decrease of 5.82% compared with August but an increase of 2.47% compared with a year earlier. Black Knight notes that despite decreasing from August, September saw the third-highest prepayment rate in three years.

There were about 61,700 foreclosure starts – a decrease of 10.32% compared with the previous month and a decrease of 22.78% compared with a year earlier.

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