Skip to main content

Foreclosure Inventory at Nine-Year Low

Phil Hall
Jun 22, 2016
The national foreclosure inventory in May was 575,000, or 1.13 percent of all U.S. homes, according to the First Look Mortgage Monitor published by Black Knight Financial Services (BKFS)

The national foreclosure inventory in May was 575,000, or 1.13 percent of all U.S. homes, according to the First Look Mortgage Monitor published by Black Knight Financial Services (BKFS).

Last month’s foreclosure inventory level was 3.55 percent below the April level and down 29 percent from a year ago—and also represented the lowest number of loans in active foreclosure since the summer of 2007.

However, Black Knight reported 62,100 foreclosure starts in May, a 5.79 percent increase from April. Nonetheless, this was also 20 percent below the May 2015 level. And the monthly prepayment rate increased to 1.30 percent in May, up 3.31 percent from April but down by 2.40 percent from a year ago. Mortgage delinquencies were slightly higher month-over-month, with a scant 0.36 percent uptick to 4.25 percent, but, remained 13.47 percent below the May 2015 level.

The states with the highest percentage of non-current loans were Mississippi (11.09 percent), Louisiana (9.13 percent), New Jersey (8.86 percent), Maine (7.85 percent) and Alabama (7.85 percent).

"It's normal seasonal behavior for delinquencies to hit their calendar year low in March and then gradually climb throughout the summer and fall months," said Black Knight Senior Vice President of Data and Analytics Ben Graboske.

Published
Jun 22, 2016
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021