Black Knight Financial Services’ “First Look” at the April mortgage marketplace shows there was a slight seasonal increase in the early delinquency rate.

According to Black Knight, the foreclosure inventory continues to decline, and is now at the lowest point since September 2008.

The number of foreclosure starts dropped again in April, down nearly 40% from April 2013.

While there was an expected, slight seasonal uptick in the delinquency rate – about 1.84% – the nation's foreclosure inventory rate continued its decline, now down to its lowest point, just 2.02%, since September of 2008.

As Black Knight notes, that’s not quite pre-crisis levels, but certainly headed there.

“It should be noted that the seasonal increase in the delinquency rate was confined to early stage delinquencies (those 30 or 60 days past due), a category which can and does often "self correct" before rolling over into more delinquent status,” the report says.

“In fact, serious delinquencies (90 or more days past due) continued to decline, down 12,000 for the month and over 200,000 from this time last year,” the report says.

The total number of seriously delinquent loans not in foreclosure was down over 200,000 since April 2014.

The Black Knight report offers a first look at April 2014 month-end mortgage performance statistics derived from the firm’s loan-level database representing approximately two-thirds of the overall market.

Foreclosure starts also dropped again; they were down 10.56% in April from March, and nearly 40% year-over-year.

Finally the monthly prepayment rate (historically a good indicator of refinance activity) was up by nearly 9%; the third such monthly increase in a row. Keep in mind, though, that the monthly prepayment rate is still down nearly 60% from this time last year (which was just a couple of months before interest rates began to rise).