Foreclosure statistics continue to
improve in the "first look" at January data provided Thursday by Black Knight
Financial Services. While the time
needed to complete a foreclosure increased yet again to 943 days, many of the
other measures of mortgage distress hit new post-crisis lows.
Black Knight says that the number of
loans in foreclosure is now the lowest since November 2008, only a few months
after the beginning of the crisis. The
pre-sale or foreclosure inventory rate in January was 2.35 percent, a 5.32
percent decrease from December and 31.17 percent lower than in January 2013. The company estimates there are 1,175,000
homes in some stage of foreclosure.
The delinquency rate, mortgages 30 or
more days past due but not in foreclosure, dropped 10.70 percent over the 12
months ended in January to 6.27 percent or 3,140,000 delinquent mortgages. This is a decline of 2.96 percent since
Of the total delinquent loans 1,289,000
were more than 90 days past due but not in foreclosure, a rate of 4.92
percent. This is the lowest serious
delinquency rate in five years.
Distressed properties including those 30
days or more delinquent or in foreclosure totaled 4.315 million at the end of
January. The five states with the
highest rates of non-current loans were Mississippi, New Jersey, Florida, New
York, and Louisiana.
Black Knight statistics
are derived from a loan-level database which covers approximately 70 percent of the
mortgage servicing market. More complete
information will be provided in the company's monthly Mortgage Monitor which will be published early in March.