Mortgage

June foreclosure starts plummet to lowest level in nearly 2 decades

Foreclosure inventory hits post-recession low

Foreclosure starts just plummeted in June to their lowest level in 17 years, according to the latest report from Black Knight.

Foreclosure starts dropped 3.1% from May to June to the lowest single-month total in more than 17 years, according to the report.

The inventory of mortgages in active foreclosure dove 30% from last June, according to the report. This brought active foreclosures down by 119,000 loans to below 300,000 for the first time in nearly 12 years.

However, despite these decreases in foreclosures, Black Knight’s data also shows delinquencies, mortgages that are 30 days or more past due, inched up 2.71% in June, but remained 1.6% below last year’s levels. This brought total delinquencies to 3.74% of all homes with a mortage in June.

But most of these increases were in early delinquencies, as mortgages that were 90 days or more past due sank to an all-new post-recession low of 548,000 after spiking due to the hurricanes.

Prepayment activity also increased in June as home sales reached their typical early-summer peak.

The top five states by non-current percentage in June included Mississippi with 9.7%, Louisiana with 7.64%, Alabama with 6.71%, West Virginia with 6.65% and Maine with 5.96%. But even these levels, up significantly from the national average, are down from peak levels that even surpassed 30% in some states.

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