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Nationwide foreclosures are down both monthly and annually, but mortgage loan delinquencies are up month-over-month in August, according to the Black Knight Financial Services Mortgage Monitor released earlier in the week. In its August 2014 data summary included in the report, Black Knight indicated a nationwide foreclosure inventory rate of 1.8 percent, which was a decline of 2.8 percent from July and 33 percent from August 2013.
The mortgage loan delinquency rate was reported at 5.9 percent for August, according to Black Knight's report. The percentage of delinquent loans has dropped from 6.2 percent in August 2013, but experienced a 4.7 percent increase from July after an up and down year. It was the fifth time in the last 12 months the delinquency rate experienced a month-over-month increase. The nation's serious delinquency rate dropped slightly from 4.10 percent in July to 4.05 percent in August.
President Barack Obama commended financial regulators for progress made since the Dodd-Frank Act became law in 2010 at a meeting with the nation's top financial regulators and top White House officials in the Roosevelt Room. The president exhorted the regulators and participants in the meeting to "consider additional ways to prevent excessive risk-taking across the financial system," according to the White House. Participants discussed the importance of mitigating risks to the financial system and identifying and addressing gaps in oversight or areas of overlap by continued coordination through the Financial Stability Oversight Council, of which many of the meeting's participants were members.
