Mortgage Delinquency Rate Dipped to 3.65% in March

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After rising on February, the U.S. mortgage delinquency rate dipped to 3.65% of all loans in March, down 5.3% compared with February and down 1.97% compared with March 2018, according to the latest First Look report from Black Knight.

About 1.903 million homes were 30 days or more past due, a decrease of about 98,000 compared with the previous month, and down about 9,000 compared with a year earlier.

Of those, about 493,000 were seriously delinquent, or 90 days or more past due – down about 8,000 compared with February and down about 139,000 compared with March 2018.

The total pre-sale foreclosure inventory rate was about 0.51%, down slightly compared with the previous month and down about 18% compared with a year earlier.

As of the end of March, there were about 264,000 homes in the foreclosure inventory, basically flat compared with February and down about 57,000 compared with March of last year.

There were about 39,700 foreclosure starts in March – down 1.49% compared compared with February and down 23.80% compared with March 2018.

The monthly prepayment rate was 0.84%, an increase of about 28% compared with the previous month but down 4.20% compared with a year earlier.

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