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Home | Daily Dose | Foreclosure Inventory Down by More than Half a Million
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Foreclosure Inventory Down by More than Half a Million

2015 HUD

The number of loans in foreclosure has dropped by more than 500,000 since last year, according to Black Knight Financial Services (BKFS) "First Look" Report focused on February mortgage data. The BKFS "First Look Report" focuses on approximately 70 percent of the overall market.

The Data and Analytics Division of BKFS found that foreclosure inventory at the end of February was 4.1 million—nearly 1 million fewer than February of last year.

Black Knight reported that the total U.S. delinquency rate (loans 30 or more days past due, but not in foreclosure) was 5.97 percent in February, 2014. The 91,993 foreclosure starts in February marked a 2.21 percent drop from the previous month.

Foreclosure starts in February posted a 30% year-over-year decline.

"At the national level, the foreclosure pipeline continues to clear rapidly; the percentage of active loans in foreclosure has dropped over 34% in the last 12 months, representing over 500,000 fewer borrowers," said Herb Blecher, SVP of Black Knight Financial Service’s Data & Analytics Division. "As delinquent and new problem loans have also improved dramatically, the inflow of loans in foreclosure, at roughly 92,000, is now the lowest in over seven years."

The total number of properties that are 30 days or more past due, but not in foreclosure, was 2.9 million, down nearly 420,000 for the year.

The report found that the monthly prepayment rate, historically a good indicator of refinance activity, declined almost 64% year-over-year

States with the highest rates for homeowners who are non-current were Mississippi (14.15 percent), New Jersey (13.63 percent), Florida (12.88 percent), New York (11.75 percent), and Louisiana (11.27 percent).

The five states with the highest seriously delinquent rates were Mississippi (5.36 percent), Nevada (3.99 percent), Rhode Island (3.97 percent), Alabama (3.67 percent), and Louisiana (3.55 percent).

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About Author: Colin Robins

Colin Robins
Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News' sister site.

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