May saw month-over-month increases in foreclosure starts, non-current residential housing inventory, and mortgage delinquencies, according to Black Knight Financial Services' First Look at Mortgage Data for May 2015 released Wednesday.
Non-current inventory, which is comprised of all residential properties 30 days or more delinquent or in foreclosure, totaled approximately 3.3 million in May – an increase of about 89,000 from April, according to Black Knight. It was the second consecutive month-over-month increase for non-current inventory; despite this, May's total was down by more than half a million (537,000 loans) from May 2014. The state with the largest six-month improvement in non-current inventory was Florida, which had a non-current inventory of 8.31 percent in May – a 22 percent improvement from six months earlier.
The delinquency rate, which is the percentage of properties 30 days or more overdue but not in foreclosure, represented 4.96 percent of all residential mortgage loans nationwide in May – a 4 percent increase from April. May marked the second consecutive month-over-month increase in delinquency rate.
Overall, the number of delinquent mortgages jumped by 98,000 up to about 2.5 million in May. Despite the increase in delinquent loans for the last two months, the delinquency rate is still down by 12 percent from May 2014 and is at its lowest point since the summer of 2007, according to Black Knight.
Foreclosure starts climbed by 11 percent nationwide from April to May, from 73,500 up to 81,900, just one month after declining by nearly 22 percent from March to April.
The foreclosure pre-sale inventory rate ticked slightly downward month-over-month by about 10,000 properties to 754,000 in May, representing 1.49 percent of all mortgages nationwide. May's foreclosure inventory total represented a decline of about 212,000 properties (22 percent) from May 2014, according to Black Knight.
To view Black Knight's complete First Look at Mortgage Data for May 2015, click here.