The mortgage delinquency rate hit its lowest level since April 2007 as it fully recovers from January’s 6.6%, according to the latest report from Black Knight Financial Services.
According to Black Knight’s “First Look” at February’s data, the delinquency rate went down 13% month-over-month and down nearly 16% year-over-year.
Click to enlarge
(Source: Black Knight)
Prepayments rates however increased 10% from January’s 24-month low, which according to Black Knight it’s a “historically good indicator of refinance activity.”
Foreclosure sales saw a decrease at 14% month-to-month and a 15% increase year-over-year. There was a rise in foreclosure starts in New York, New Jersey and Massachusetts.
For the first time in eight years, the total non-current inventory fell below 3 million, the pre-sale inventory rate went down 0.64% month-to-month and decreased to 25% year-over-year.
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: 9.72%
New York: 8.36%
The bottom five state in terms of percentage of foreclosures and delinquencies among active loans in the state are:
South Dakota: 2.98%
North Dakota: 2.17%