A new report from Black Knight Financial Services shows that by one metric, the housing market is healthier than it’s been since the crisis began.
According to new data released Tuesday morning by Black Knight, the rate of loans in active foreclosure is lower right now than at any point in the last nine years.
Black Knight’s “First Look” at the September mortgage data shows that only 1% of the total number of mortgages in the U.S. are currently in active foreclosure, which is 3.38% lower than the previous month, 31.23% lower than the same time period last year, and represents a nine-year low.
Black Knight’s report also showed that there were 61,700 foreclosure starts in the month of September, which represents a 10.32% decrease from the previous month and a 22.78% decrease from the same time period in the previous year.
Overall, the total loan delinquency rate, which represents loans that 30 or more days past due, but not in foreclosure, is at 4.27% of all loans. That represents a slight increase of 0.74% from the previous month, but a 12.24% decrease from 2015’s total.
According to Black Knight, September’s slight increase in delinquencies is “relatively mild” by historical standards.
Black Knight’s report also showed that there are 2,165,000 properties that are 30 or more days past due, but not in foreclosure, which is 14,000 more than in August, but 292,000 less than September 2015.
Overall, there are 2,674,000 properties that are 30 or more days past due or in foreclosure, which is 4,000 less than August and 520,000 less than in September 2015.
On a state-by-state basis, the top five states by non-current percentage are Mississippi at 11.16%; Louisiana at 10.32%; New Jersey at 8.13%; Alabama at 7.85%; and West Virginia at 7.72%.
The bottom five states by non-current percentage are South Dakota at 2.95%; Montana at 2.88%; Minnesota at 2.75%; Colorado at 2.44%; and North Dakota at 2.23%.
Black Knight’s report also showed that September saw the third highest prepayment rate in three years.