The national delinquency rate dropped by a slight 0.21 percent in February from the previous month and was done by a more substantial 2.1 percent from one year earlier, according to new data from Black Knight Inc.
Delinquencies related to Hurricanes Harvey and Irma were down by five percent for the month, with 128,000 hurricane-driven seriously delinquent mortgages remaining in Texas, Florida, and Georgia.
Foreclosure starts fell 25 percent from the 12-month high in January to 46,700 in February. On a year-over-year basis, foreclosure starts were down by 19.34 percent.
Black Knight also reported rising interest rates contributed to bringing prepayment activity to 0.72 percent, the lowest level since 2014. February’s level was down 8.93 percent from January and down 10.58 percent from February 2017.