The Mortgage Delinquency Rate Fell in March

On a month-over-month basis, the mortgage delinquency rate in the United States dropped by 12% in March, according to the First Look report of Black Knight Financial Services. This was the largest monthly decrease since 2006. On a year-over-year basis, the delinquency rate declined by 15%.

The U.S. mortgage delinquency rate measures the number of loans which are over 30 days past due, but not in foreclosure. In March, it reached 4.70%. This is its lowest level since August 2007. It went down from its level of 5.36% in February of this year.

The total number of properties over 30 and less than 90 days past due, but not in foreclosure decreased to 1,409,000 in March from 1,646,000 in February. The number of properties more than 90 days past due, but not in foreclosure reached 971,000 in March down from 1,067,000 in February.

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The share of mortgages in foreclosure reached 1.55% in March going down from 1.58% in February. This accounted for approximately 782,000 loans. This is the lowest level of mortgage foreclosures reached since December 2007.
The total rate of foreclosure pre-sale inventory dropped by 27.4% in March on a year-over-year basis. In March 2014, the total number of properties in foreclosure was 1,070,000. In March 2015, it was 782,000.

Despite the decline in the rate of foreclosure pre-sale inventory, the foreclosure starts experienced an increase in March 2015. Around 94,100 foreclosures were initiated during the month. The foreclosure starts experienced an increase of 18% from February to March. On an year-over-year basis, the increase was 7%.

The monthly mortgage prepayment rate rose in March, according to Black Knight’s report. It went up 39.82% on a month-over-month basis. It marked an increase of over 100% from March of last year. On a year-over-year basis, the increase in mortgage prepayments was 103.12%.

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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