The national mortgage delinquency rate continued to fall in January, according to Black Knight Financial Services' ‘First Look’ January mortgage report. What's more, the number of loans in foreclosure fell to its lowest level since November 2008.
The number of home loans that were in delinquency (30 or more days past due) in January fell 2.96% compared to December. The national rate of delinquency was down 10.7% compared to January 2013, according to the report.
As of January, the percentage of home loans that were delinquent was 6.27%.
The number of loans in serious delinquency (90 or more days past due or in foreclosure) fell to 4.92% – the lowest rate in more than five years.
The average number of days of delinquency for loans in foreclosure increased to 943 days.
The foreclosure pre-sale inventory rate fell to 5.32% in January, compared to December.
Year-over-year, the foreclosure pre-sale inventory rate was down 31.17%.
The number of properties 30 or more days past due, but not in foreclosure, was about 3.1 million.
The number of properties 90 or more days delinquent, but not in foreclosure, was about 1.3 million.
The number of properties in foreclosure pre-sale inventory was about 1.2 million.
The number of properties 30 or more days delinquent or in foreclosure, combined, was about 4.3 million.
States with highest percentage of non-current loans included Mississippi, Missouri, New Jersey, Florida, New York and Louisiana.
States with the lowest percentage of non-current loans included Montana, Colorado, Arkansas, South Dakota and North Dakota.
Statistics for Black Knight Financial Services' report are derived from its loan-level database representing approximately 70% of the overall market.