Delinquency and foreclosures rates have declined to levels not seen since October 2007 and 2008, respectively, according to Black Knight Financial Services "First Look" at March Mortgage Data. The company's Data and Analytics division reported that the share of loans in foreclosure was down nearly 37 percent year-over-year.
The company noted that it uses data "derived from its loan-level database representing approximately 70 percent of the overall market."
The total U.S. delinquency rate, classified as loans 30 or more days past due but not in foreclosure, was 5.52 percent in March, a 7.57 percent decline from February.
Total foreclosure starts were down 4.24 percent from February, totaling 88,100. March's figure represented a year-over-year decline of 27.19 percent. Total foreclosure starts in March were a 7 and a half year low.
Pre-sale foreclosure inventory fell as well, down 36.6 percent year-over-year and down 4.23 percent month-over-month to settle on March's pre-sale foreclosure inventory figure of 2.13 percent.
The company reported that the non-current loan population dropped below 4 million for the first time since November 2007 to 3.8 million. The number of properties 30 or more days overdue was 2.7 million, down 200,000. Properties 90 days past due, but not in foreclosure, were approximately 1.2 million, a decline of 43,000 properties from February.
The five states with the highest percentage of non-current loans were Mississippi (13.39 percent), New Jersey (12.93 percent), Florida (12.1 percent), New York (11.09 percent), and Maine (10.58 percent).
The five states with the highest percentage of properties in serious delinquency (90 plus days past due) were Mississippi (5.28 percent), Nevada (4.06 percent), Rhode Island (3.78 percent), Alabama (3.55 percent), and Massachusetts (3.49 percent).