Though far from their peak highs, delinquency rates around this time of year still experience typical summer upticks. However, according to the June 2017 First Look at Mortgage Data report released by Black Knight on Thursday, current delinquency rates are bucking these patterns and are instead holding steady month-over-month.
According to the experts at Black Knight, total U.S. loan delinquency rates (which accounts for loans 30 or more days past due but not in foreclosure) are at 3.8 percent, which is 56,500 in total U.S. foreclosure starts. This is a minimal change over May (0.12 percent) that Black Knight noted as unusual for this time of year in the face of seasonal pressures.
Breaking down the data for a closer, state-by-state look, Mississippi led the nation in the number of loans that are both past due in general, as well as more than 90+ days delinquent (coming in at 10.13 percent and 3.05 percent respectively). Though the Magnolia State ranks highest in comparison to the rest of the U.S., delinquency rates are still far below what Mississippians experienced in May of 2000 when the total past due rate hit 23.4 percent, while loans 90+ days past due hit 10.18 percent.
Colorado had the best ranking in delinquencies with only 2.14 percent of borrowers noncurrent. This is a -17.78 percent change year-over-year. Following Colorado in ascending order, North Dakota was at a rate of 2.23 percent, Minnesota at 2.47 percent, Oregon at 2.62 percent, and Montana at 2.64 percent.
In it’s report, Black Knight also called out the states that experienced the most improvement over the last six months, with the Garden State showing up all the rest. During this period, the number of noncurrent loans in New Jersey dropped 17.39 percent. Close on its wake was Florida (-17.33 percent), Arizona (-16.81 percent), West Virginia (-16.69 percent), and Nevada (-16.51 percent).
Unfortunately, the following states received the dubious honor of seeing their rates of noncurrent loans deteriorate the most over the same time period: Alaska at (7.10 percent), Vermont (-9.55 percent), South Dakota (-9.82 percent), Montana (-10.49 percent), and Alabama (-10.61 percent).
To view the full report findings, click here.