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Early Delinquency Rates Increase; Foreclosures Decline in April

The Data and Analytics division of Black Knight Financial Services released its "First Look" at mortgage loan data as of the end of April 2014. The report found that the foreclosure rate is at its lowest point since 2008, and the number of seriously delinquent loans not in foreclosure is down over 200,000 since last year.

The company’s loan-level database represents approximately two-thirds of the overall market.

The total U.S. foreclosure pre-sale inventory was 2.02 percent for April, down 5.0 percent from March. Yearly, the pre-sale inventory rate was down 36.13 percent from April 2013.

Total U.S. foreclosure starts for the month were 78,800, down 10.56 percent month-over-month and down 38.2 percent year-over-year.

Total loan delinquency rate, which are loans 30 or more days past due but not yet in foreclosure, was 5.62 percent for the month, up 1.84 percent from March. Total loan delinquency rate remained down year-over-year, posting a decline of 9.5 percent.

The number of properties that are 30 or more days past due totaled 2.8 million, up 51,000 from the previous month. The number of properties 90 or more days past due but not in foreclosure totaled roughly 1.2 million, down 12,000 month-over-month.

All told, properties that are 30 or more days past due or in foreclosure totaled approximately 3.8 million.

The top five states by non-current percentage were Mississippi (13.81 percent), New Jersey (12.87 percent), Florida (11.69 percent), New York (11.01 percent), and Louisiana (10.75 percent).

The top 5 states with the greatest improvements in the percentage of non-current loans over 6 months include Florida (down 20.14 percent), Nevada (down 20.12 percent), Illinois (down 16.73 percent), Arizona (down 16.61 percent), and California (down 16.49 percent).

About Author: 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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