Foreclosure Inventory Down 36%, Black Knight Reports
Foreclosure inventory fell to its lowest level in more than six years in June, according to a report from Black Knight Financial Services.
The national inventory of loans in foreclosure dropped 36% from a year earlier, to 951,000 properties, marking the 26th consecutive month of declines, the Jacksonville, Fla.-based analytics firm revealed Wednesday in its monthly "first look" report.
Foreclosure starts tallied 88,300 in June, down 19% year over year. Furthermore, the average loan that is in foreclosure has been past due on its payments for 997 days.
Black Knight also reported that the loan delinquency rate was 5.7% in June, a month-over-month increase of 1.6%. However, the delinquency rate declined from a year earlier by 15%. More than 2.8 million properties are considered to be delinquent, but not in foreclosure, Black Knight said.
The five states with the most combined foreclosures and delinquencies as a percentage of active loans are Mississippi, New Jersey, Florida, New York and Louisiana.
Black Knight's data is derived from its loan-level database that represents about two-thirds of the overall market.