According to Black Knight’s First Look report for February, the percent of loans delinquent decreased 3.7% in February compared to January, and declined 10% year-over-year.
The percent of loans in the foreclosure process declined 2% in February and were down about 29% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 5.36% in February, down from 5.56% in January. The normal rate for delinquencies is around 4.5% to 5%. This is the lowest level of delinquencies since August 2007.
The percent of loans in the foreclosure process declined in February to 1.58%. This was the lowest level of foreclosure inventory since December 2007.
The number of delinquent properties, but not in foreclosure, is down 453,000 properties year-over-year, and the number of properties in the foreclosure process is down 315,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for February in early April.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Feb 2015 |
Jan 2015 |
Feb 2014 |
Feb 2013 |
|
| Delinquent | 5.36% | 5.56% | 5.97% | 6.80% |
| In Foreclosure | 1.58% | 1.61% | 2.22% | 3.38% |
| Number of properties: | ||||
| Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure: | 1,646,000 | 1,701,000 | 1,749,000 | 1,927,000 |
| Number of properties that are 90 or more days delinquent, but not in foreclosure: | 1,067,000 | 1,112,000 | 1,242,000 | 1,483,000 |
| Number of properties in foreclosure pre-sale inventory: | 800,000 | 815,000 | 1,115,000 | 1,694,000 |
| Total Properties | 3,512,000 | 3,628,000 | 4,106,000 | 5,104,000 |