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Foreclosure Inventory Falls 28% to Close 2013

JAN 28, 2014 9:14am ET
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Foreclosure and seriously delinquent inventories at the close of 2013 reached their lowest levels in six years, according to data from Black Knight Financial Services.

The total U.S. loan delinquency rate was 6.47% in December, up .26% from the previous month. Even though the volume of loans 30 or more days past due, but not in foreclosure, rose on a monthly basis, the overall trend for 2013 was still one of improvement as delinquencies fell by 9.85% from a year ago.

The number of delinquent properties across the country is at 3.2 million, the Jacksonville, Fla.-based firm revealed. Additionally, there are more than 1.2 million loans deemed to be 90 or more days delinquent but not in foreclosure.

Mississippi, New Jersey, Florida, New York and Louisiana had the highest percentage of noncurrent loans.

The states with the fewest amounts of delinquent loans were Montana, Colorado, Alaska, South Dakota and North Dakota.

Meanwhile, the inventory of loans in foreclosure nationwide stands at more than 1.2 million through the end of December, which represents a year-over-year change of approximately 28%.

On a monthly basis, the foreclosure pre-sale inventory rate only fell by .74%.

Loans in foreclosure have been past due for an average of 920 days, Black Knight Financial says.

On a positive note, foreclosure starts were down 23% for the year, the analytic provider noted.

This mortgage performance statistics information is derived from Black Knight Financial Services, formerly Lender Processing Services, loan-level database representing approximately 70% of the overall market.

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