Mortgage delinquencies and foreclosures continued to decline in March, dropping to levels not seen since 2007 and 2008, respectively, according to Black Knight Financial Services' ‘First Look’ Mortgage Report.
Mortgage delinquencies (loans 30 or more days past due, but not in foreclosure) declined 7.57%, compared to February, to reach 5.52% of all mortgages. Year-over-year, delinquencies were down 16.29% compared to March 2013.
Black Knight notes that the non-current loan population dropped below 4 million for first time since November 2007.
The total U.S. foreclosure pre-sale inventory rate in March dropped 4.23%, compared to February, to reach 2.13% of all mortgages. Year-over-year, the rate of foreclosure was down 36.69%, compared to March 2013.
There were 88,100 foreclosure starts recorded by Black Knight in March, a decline of 4.24% compared to February. Year-over-year, foreclosure starts were down 27.19%, compared to March 2013.
Foreclosure starts are now at the lowest level they've been in seven and a half years, Black Knight says.
Prepayment rates ticked up from previous month; but were still down overall. The monthly prepayment rate in March was 0.80%, a decline of 20.84% compared to February. Year-over-year, the prepayment rate was down 57.67% compared to March 2013.
About 1.83% of the home sold through foreclosure sales in March were seriously delinquent (90-plus days overdue), up 9.15% compared to February, but down 6.37% compared to March 2013.
About 2,770,000 properties were 30 or more days past due, but not in foreclosure, in March, down about 221,000 compared to February, and down about 538,000 compared to March 2013.
About 1,199,000 properties were 90 or more days past due, but not in foreclosure, in March, a drop of about 43,000 compared to February and down about 267,000 compared to March 2013.
About 1,070,000 properties were foreclosure pre-sale inventory, a decline of about 45,000 compared to February and down about 619,000 compared to March 2013.
About 3,840,000 properties were either 30 or more days past due or in foreclosure, down about 266,000 from February and down about 1,156,000 from a year ago.
States with the highest percentage of non-current loans (30-plus days past due) for March included Mississippi (13.39%), New Jersey (12.93%), Florida (12.10%), New York (11.09%) and Maine (10.58%).
States with the lowest percentage of non-current loans included Montana (3.93%), Colorado (3.89%), Alaska (3.83%), South Dakota (3.43%) and North Dakota (2.51%).
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