The distressed mortgage market continues to dry up, with delinquencies shriveling to a record low rate and foreclosure filings dropping annually for 10 consecutive months, according to Black Knight and Attom Data Solutions.
Mortgage delinquency rates fell to 3.47% in April, the rock-bottom rate since Black Knight started recording it in 2000. Delinquencies decreased 5.4% year-over-year and 5.1% month-over-month.
With mortgage rates remaining low and home sales on the rise, prepayments
As delinquency rates dropped, foreclosures also continued their downward climb.
A total of 55,646 filings were recorded in Attom's U.S. Foreclosure Market Report for April, down 13% annually and 5% from
Additionally, foreclosure starts declined 10% from April 2018 and 5% from March, to a total of 30,524. At the state level, New York led with a 43% year-over-year decrease in foreclosure starts, followed by Nevada at 36% and Colorado at 34%. However, some states went against the national trend.
"While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on," Todd Teta, chief product officer at Attom Data Solutions, said in a press release.
"For instance, Florida is seeing a steady annual increase in total foreclosure activity for the eighth consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts."
Washington saw the biggest rise, increasing 38%, trailed by Florida at 34% and Oregon at 22%.
Bank-repossessed properties fell year-over-year for sixth straight month. April's 11,078 real estate owned properties represented decreases of 22% annually and 9% from March.
