Foreclosures were initiated on 88,000rnmortgages in June, an increase of 2.34 percent. It was the secondrnconsecutive month starts were up but they still remain 19 percentrnlower than at the same time in 2013.</p

There was positive news in the reportrnas well. The foreclosure inventory, homes in the process ofrnforeclosure, hit the lowest level since May 2008. The percentage ofrnhomes with a mortgage in the inventory stood at 1.88 percent at thernend of the month, a decline of 1.50 percent from May and 35.65rnpercent lower than in June 2013. There are 951,000 homes in thernprocess of foreclosure, 15,000 fewer than in May and just over arnhalf-million fewer than a year earlier.</p

Non-current loans, that is those 30rndays past due or in foreclosure, totaled 3.83 million at the end ofrnJune. This was up 29,000 from May but 951,000 fewer than thernprevious June.</p

Mississippi had the largest percentagernof non-current loans in June with a rate of 14.05 percent. This wasrn8.88 percent decline from last June and well below the state’s peakrnnon-current rate of 22.85 percent reached in October 2005. NewrnJersey had the second highest non-current rate at 12.61 percentrnfollowed by Florida (11.18), New York (10.93 percent) and Louisianarn(10.86 percent.) </p

The loan prepayment rate, historicallyrna good indicator of refinancing activity, increased 5.87 percent inrnJune although the .95 percent rate remained 46.74 percent lower thanrnthe level in June 2014. The monthly number was up for the fourthrnconsecutive month. </p

Black Knight’s data is derived from itsrnloan-level database representing approximately two-thirds of thernoverall market.</p

 </p

 </p

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.