The U.S. mortgage delinquency rate increased 2.3% in September compared with August but was down 11.15% compared with September 2018, according to Black Knight’s First Look report.
About 1.854 million loans were 30 days or more past due, but not in foreclosure, as of the end of the month.
That’s about 3.53% of all mortgages.
Black Knight notes that the slight increase in the overall delinquency rate was in keeping with seasonal cycles.
It further notes that the 11% year-over-year decrease was the largest annual decline in eight months.
About 443,000 mortgages were seriously delinquent or 90 days or more past due, but not in foreclosure. That’s down about 1,000 compared with August and down about 70,000 compared with September 2018.
The total pre-sale foreclosure inventory rate was 0.48%, down 0.36% compared with August and down 7.68% compared with September 2018.
That’s the lowest foreclosure inventory rate since late 2005, Black Knight notes.
As of the end of the month there were about 252,000 homes in the foreclosure inventory, down about 1,000 compared with the previous month and down about 16,000 compared with a year earlier.
There were about 39,400 foreclosure starts in September, an increase of about 8.84% compared with the previous month but down about 1.5% compared with a year earlier.
The monthly pre-payment rate was 1.55%, an increase of 3.24% compared with August and up 121.08% compared with September 2018.
Black Knight says the increase in the pre-payment rate came despite “headwinds from the typical seasonal decline in home sale-related prepayments.”