The number of homes that had foreclosure proceedings started against them hit the lowest level in nine years in the month of November, a new report from Black Knight Financial Services showed.
According to Black Knight’s “First Look” at November’s mortgage performance data, there were only 66,000 foreclosure starts in the month of November, the lowest total since April 2006.
That’s down 9.02% from October and down 9.76% from Nov. 2014.
Additionally, the inventory of loans in foreclosure continued to decline in November, falling 21% year-over-year to 1.38%. The year-over-year decline means that there were 185,000 fewer loans in foreclosure in Nov. 2015 than there were in Nov. 2014.
Overall, there are less than 700,000 active foreclosures remaining, Black Knight’s report showed.
Black Knight’s report also showed that there was a slight seasonal increase (approximately 7,000) in loans that are 90 or more days delinquent.
The overall delinquency rate rose 3.18% for the month of November, but that was still down over 18% from last year.
According to Black Knight’s report, the Number of properties that are 30 or more days past due, but not in foreclosure is 2.491 million, which represents a month-over-month increase of 76,000 and a year-over-year drop of 546,000.
There are 827,000 properties that are 90 or more days past due, but not in foreclosure, Black Knight’s report showed, a month-over-month increase of 7,000 but a year-over-year decline of 293,000.
Additionally, the number of properties that are 30 or more days past due or in foreclosure is 3.189 million, representing a month-over-month increase of 53,000 and a year-over-year decrease of 732,000, Black Knight’s report showed.
On a state-by-state basis, the top five states in terms of percentage of foreclosures and delinquencies among active loans in the state are:
New Jersey: 10.47%
New York: 9.03%
The bottom five states in terms of percentage of foreclosures and delinquencies among active loans in the state are:
South Dakota: 3.37%
North Dakota: 2.21%