Mississippi Leads in Both Non-Current, Serious Delinquent Mortgage Rates in November

Mississippi was the state with the highest percentage of non-current mortgages and serious delinquent mortgages in November, according to data released recently as part of Black Knight Financial Services' November 2014 “First Look” at mortgage data.

In November, 14.88 percent of all mortgages in Mississippi were non-current (30 days or more past due but not in foreclosure), compared to the national average of 6.08 percent. The national average for November represented an 11.82 percent increase from October's non-current mortgage rate (the rate declined by 5.69 percent year-over-year in November).

Mississippi's November non-current mortgage rate of 14.88 percent was a 3.15 percent decrease from November 2013 and was still way below the Magnolia State's peak of 22.85 percent, attained in October 2005. Earlier that year, in March 2005, Mississippi's non-current mortgage rate fell to its all-time low of 9.60 percent.

The state with the second-highest non-current mortgage rate in November was New Jersey at 12.41 percent, followed by Louisiana (11.87 percent), New York (10.97 percent), and Rhode Island (10.78 percent). The state with the lowest non-current mortgage rate for the month was North Dakota.

Mississippi also had the nation's highest serious delinquency rate (90 days or more overdue or in foreclosure) for the month of November with 5.39 percent of mortgages in the state in serious delinquency. This percentage represented a 0.6 percent year-over-year increase, but was still well below Mississippi's serious delinquency rate peak of 9.9 percent in December 2005. The state's low for serious delinquency rate was 2.74 percent, achieved in March 2005.

The second-highest serious delinquency rate was for November was in Rhode Island (3.80 percent), followed by Louisiana (3.68 percent), Alabama (3.66 percent), and Arkansas (3.34 percent).