Delinquencies, Foreclosures Rose in May

There was a general increase in foreclosure activity in Mayrnaccording to Black Knight Financial Services. rnIts “First Look” at data that will be further explored when it publishesrnits Mortgage Monitor shows increases in all early and some late stage foreclosurernmetrics.</p

The delinquency rate rose 3.95 percent from April to May andrnis now 4.96 percent.   It was the second month in a row thatrndelinquencies of 30 days or more increased but the rate is still 12 percentrnbelow its level in May 2015.  The numberrnof loans that are 30 or more days overdue but not yet in foreclosure total 2.5rnmillion, an increase of 98,000 month-over-month but down 326,000 from a yearrnearlier.  The more seriously delinquentrnportion of those loans declined during the month; 922,000 are more than 90 daysrnpast due but not yet in foreclosure, a decrease of 30,000 from April andrn247,000 since May 2014.</p

There were 81,900 loans that started the foreclosure processrnduring the month, an 11 percent increase from April.  The foreclosure inventory – homes in thernprocess of foreclosure – declined by 10,000 during the month to 794,000.  A year ago the foreclosure inventory loans wasrnlarger by 212,000 units. </p

There were 3.3 million non-current loans in May includingrnboth delinquent loans and those in foreclosure. rnThis was an increase of 89,000 from April but down 537,000 from one yearrnago.  Foreclosure sales increased by 6.42rnpercent for the month and 2.88 percent for the year.  The foreclosure rate as a percentage ofrnseriously delinquent loans was 2.01 percent.</p

Mississippi led the nation with 12.97 percent of its loans beingrnnon-current in May.  New Jersey had arnnon-current rate of 10.86 percent, and Louisiana 10.10 percent.  Rounding out the top five were New York withrn9.43 percent and Maine at 9.40 percent. rnFlorida was the most improved state with a 22.15 percent drop inrnnon-current loans over the previous six months. rn

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