According to Black Knight’s First Look report for November, the percent of loans delinquent increased 12% in November compared to October, and declined 6% year-over-year.
The percent of loans in the foreclosure process declined further in November and were down 35% over the last year. Foreclosure inventory was at the lowest level since January 2008.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 6.08% in November, up from 5.44% in October. Some of the increase was seasonal (the delinquency rate usually increases in November). The normal rate for delinquencies is around 4.5% to 5%.
The percent of loans in the foreclosure process declined to 1.63% in November from 1.69% in October.
The number of delinquent properties, but not in foreclosure, is down 329,000 properties year-over-year, and the number of properties in the foreclosure process is down 427,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for November in early January.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Nov 2014 |
Oct 2014 |
Nov 2013 |
Nov 2012 |
|
| Delinquent | 6.08% | 5.44% | 6.45% | 7.03% |
| In Foreclosure | 1.63% | 1.69% | 2.50% | 3.61% |
| Number of properties: | ||||
| Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure: | 1,925,000 | 1,658,000 | 1,958,000 | 1,999,000 |
| Number of properties that are 90 or more days delinquent, but not in foreclosure: | 1,163,000 | 1,101,000 | 1,283,000 | 1,584,000 |
| Number of properties in foreclosure pre-sale inventory: | 829,000 | 858,000 | 1,256,000 | 1,767,000 |
| Total Properties | 3,917,000 | 3,617,000 | 4,497,000 | 5,350,000 |