Mortgage Delinquency Rate at 11-Year Low
April 21, 2017
The mortgage delinquency rate in March fell 14 percent on a month-over-month measurement, reaching its lowest level since March 2006, according to new data from Black Knight Financial Services (BKFS). The March mortgage delinquency rate is also the fourth lowest recorded during the 21st Century.
Also on the decline was the total non-current inventory, defined as all loans 30 days or more past due or in active foreclosure. This rate fell below 2.3 million reaching its lowest volume in 11 years.
However, other data saw an upswing: After hitting a three-year low in February, prepayment speeds shot up by 20 percent in March. But on a year-over-year measurement, this level is 26 percent below last year’s level. And foreclosure starts were up 4.15 percent for the month, but the first quarter’s total of 189,000 starts was 18 percent below the level from the first quarter of 2016.
Mississippi had the highest state level of non-current activity, registering a 9.70 percent level. It also produced the highest rate of 90-plus days delinquent, at 3.12 percent.
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