Black Knight: Mortgage Delinquency Rate Jumped In November

Although foreclosures continued to decline, the mortgage delinquency rate jumped 11.82% in November compared to October to reach 6% of mortgage applications, the highest rate since February, according to Black Knight Financial Services' monthly ‘First Look’ mortgage report.

Despite the jump, the delinquency rate remains about 5.69% below what it was in November 2013, according to the report.

The total U.S. foreclosure presale inventory rate was about 1.63% for the month, down 9.21% compared to October and down a whopping 34.70% compared to November 2013.

A total of about 73,900 foreclosure starts were recorded in November, according to Black Knight, down 9.21% compared to October and down 29.55% compared to November 2013.

The monthly prepayment rate for November was 0.91% of all mortgages tracked. That's down 6.62% compared to the previous month but up 3.68% compared to November 2013.

The percentage of mortgages 90-plus days overdue and ending up in foreclosure sales dropped by 26.51% in November compared to October, bringing it to 1.49%. That's down 5.69% compared to November 2013, according to Black Knight.

About 3 million properties were 30 days or more past due on the mortgage, but not in foreclosure, in November, an increase of 329,000 compared to October but down 153,000 compared to November 2013.

There were about 1.16 million properties that were 90-plus days past due but not in foreclosure in November, up 62,000 compared to October but down 120,000 compared to November 2013.

As of November, there were about 829,000 homes in the foreclosure inventory, down about 29,000 compared to October and down about 427,000 compared to November 2013.


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