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Black Knight: Foreclosures hit lowest level since May 2008

Twenty-six months of declines; prepay rate is up

foreclosure_forsale_sign

The national inventory of loans in foreclosure declined again in June, down 1.5% for the month, almost 36% for the year, making this the 26th consecutive month of declines, Black Knight Financial Services reported.

As a result, the foreclosure inventory at its lowest level since May 2008.

Black Knight’s “first look” at June 2014 month-end mortgage performance statistics is derived from its loan-level database representing approximately two-thirds of the overall market.

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Black Knight saw foreclosure starts rise for the second month in a row, although starts are still down 19% from this time last year.

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The delinquency rate increased slightly on a month-over-month basis, up 1.55% in June, still down approximately 15% from last year.

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The monthly mortgage prepayment rate, which is historically a good indicator of refi activity, rose again in June, the fourth consecutive month it has done so.

The average loan in foreclosure has been past-due on its payments for 997 days, hitting yet another new high.

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