Rise in Mortgage Delinquency in November from October

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The mortgage delinquency rate in the United States rose to 11.82% in November 2014, according to Black Knight Financial Services. This was revealed in a report based on the first look at the mortgage data for this month made by the analysts of the company. The delinquency rate presents the changes in mortgage loans which are 30 days past due, but not in foreclosure.

The mortgage delinquency rate nearly doubled in November from its October level of 6.08%. The national delinquency rate rose above 6% in October for the first time since last February. Despite the large monthly increase in the rate in November 2014, it remained 5.69% lower compared to the same month of 2013. The delinquent mortgages in November 2014 were 329,000 compared to 482,000 in November 2013. Mississippi was the state with the highest mortgage delinquency rate – 14.88%. It was followed by New Jersey and Louisiana.

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The number of seriously delinquent mortgages was 1.16 million in November of last year. These are the loans which are over 90 days past due, but not in foreclosure. Their number rose by 62,000 from October. Despite this monthly increase, they were 120,000 fewer compared to November 2013.

The inventory of pre-sale properties and properties in foreclosure declined by 3.5% from October to November 2014. On an annual basis, it dropped down by 34.7% to reach its lowest level since the beginning of 2008. The number of properties which entered foreclosure in November was 9.21% lower compared to October. On an annual basis, the decline was 29.55%. The number of for foreclosure starts reached its lowest level since May 2006.
The total number of mortgaged homes with past due loan payments or in foreclosure was 3.92 million at the end of November 2014. This number was higher by 300,000 units compared to October of the same year, but lower by 580,000 compared to November 2013.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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