Black Knight: Foreclosure Starts Hit 10-Year Low

Black Knight Financial Services, Jacksonville, Fla., said April foreclosure starts hit a 10-year low, while the nation’s foreclosure inventory fell to its lowest level since 2007.

The company’s First Look Mortgage Monitor said April foreclosure starts totaled 58,700, a 19 percent drop from March and a nearly 17 percent drop from a year ago. Starts fell to their lowest level since 2007.

The report said the total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) rose to 4.24 percent, a 3.77 percent increase from March but a 10.33 percent drop from a year ago.

The total U.S. foreclosure pre-sale inventory rate fell to 1.17 percent, a nearly 6 percent drop from March and a nearly 28 percent drop from a year ago, the lowest level since 2007. The number of properties in foreclosure pre-sale inventory fell below 600,000 to 595,000, a 36,000 drop from March and a 225,000 drop from a year ago.

Black Knight said the Monthly Prepayment Rate fell to 1.26 percent, a 3.24 percent drop from March and a 7.25 percent drop from a year ago.

The report said properties 30 or more days past due, but not in foreclosure rose to 2.146 million, an increase of 84,000 from March but a drop of 235,000 from a year ago Properties 90 or more days past due but not in foreclosure fell to 730,000, a drop of 3,000 from March and a drop of 179,000 from a year ago. Properties 30 or more days past due or in foreclosure rose to 2.741 million, an increase of 48,000 from March but a 460,000 drop from a year ago.

Black Knight said states with the highest percentage of non-current loans were Mississippi (11.04 percent); Louisiana (9.05 percent); New Jersey (9.03 percent); New York (7.92 percent); and Maine (7.92 percent).

States with the lowest percentage of non-current loans were North Dakota (2.17 percent); Colorado (2.53 percent); Minnesota (2.73 percent); South Dakota (2.86 percent); and Alaska (2.99 percent).