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National Foreclosure Rate Remains Stagnant

According to Black Knight’s August Mortgage Data Report, national delinquency rates barely moved compared to July’s figures; however, delinquency rates in areas impacted by Hurricane Harvey rose 16 percent.

Black Knight estimates that 6,700 new delinquencies will be attributed to Harvey fallout. In addition, 1,000 outstanding loans were already at least 30-days past due before the additional payment due-date of August 1.

According the report, the total national delinquency rate stands at 3.93 percent, which is a gain of 0.72 percent month-over-month, but a reduction of 7.27 percent year-over-year. National pre-sale foreclosure inventory rate is 0.76 percent, which is down year-over-year by a nominal rate of 27.23 percent. The month-over-month change was down 3.27 percent.

Cumulative foreclosure starts in August amounted to 54,700, which is an increase of 2.63 percent from July, but a 20.49 percent reduction from a year ago. The number of properties that are 30 days past due but not in foreclosure is 2,003,000, an increase of 17,000 month-over-month, but a significant decrease year-over-year, at -148,000. Properties that are 90 days past due but not in foreclosure stand at 557,000, down 112,000 from a year ago, but increased 2,000 from July.

The top five states with the most foreclosures are Mississippi, Louisiana, Alabama, West Virginia, and Maine. Bottom five states include: Montana, Oregon, Minnesota, North Dakota, and Colorado.

You can read the full report here.

About Author: Joey Pizzolato

Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email joseph.pizzolato@thefivestar.com.
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