Black Knight: Foreclosure Starts Hit 9-Year Low
Black Knight Financial Services, Jacksonville, Fla., said its First Look Mortgage Monitor showed foreclosure starts hit a nine-year low in November with fewer than 700,000 active foreclosures remaining in the pipeline.
Black Knight said the 66,600 foreclosure starts in November marked the lowest one-month total since April 2006. Foreclosure starts fell by 9.02 percent from October and by 9.76 percent from a year ago.
The report said the nation’s foreclosure inventory fell by 185,000 from one year ago. The total U.S. foreclosure pre-sale inventory rate fell to 1.38 percent, a month over month change of -3.24 percent and a year over year drop of 21.24 percent.
Black Knight said the total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) rose to 4.92 percent in November, a month over month increase of 3.18 percent but down more than 18 percent from a year ago.
The report said the monthly prepayment rate fell to 0.92 percent, a month over month drop of nearly 16 percent but up by 0.39 percent from a year ago.
Black Knight said properties 30 or more days past due, but not in foreclosure totaled 2.491 million, a month over month increase of 76,000 but a year over year drop of 546,000. Properties 90 or more days past due, but not in foreclosure totaled 827,000, a month over month gain of 7,000 but a year over year drop of 293,000.
The report said properties in foreclosure pre-sale inventory fell to 698,000, a month over month drop of 23,000 and a year over year drop of 185,000. Properties 30 or more days past due or in foreclosure total 3.189 million, a month over month increase of 53,000 but a year over year drop of 732,000.
Black Knight said states with the highest rate of non-current loans are Mississippi (12.57 percent); New Jersey (10.47 percent); Louisiana (10.03 percent); New York (9.03 percent) and Maine (8.93 percent). Best-performing states were North Dakota (2.21 percent), Alaska (2.93 percent), Colorado (3.03 percent), Minnesota (3.23 percent) and South Dakota (3.37 percent).
