March featured the largest monthly decline in the mortgage delinquency rate in nine years, according to Black Knight Financial Services.
The report noted that the total U.S. loan delinquency rate was 4.7% in March, a month-to-month drop of 12.18%. All stages of delinquency experienced declines in March, with 30-day delinquencies falling to their lowest level in over a decade, according to the data released May 4.
In another record, the rate of loans curing from 30 days delinquent to current status rose to 40.7%, which is the highest level since March 2005. Roll rates, meanwhile, dropped to their lowest levels since March 2006.
The report from Black Knight's data and analytics division also focused on trends in negative equity. The researchers found that the share of borrowers underwater on their mortgages came to 8%, a 30% decline from the previous year. Of these borrowers, 29% were seriously delinquent and 77% of active foreclosures represented underwater borrowers.
Nevada and Florida remained the states with the highest negative equity rates at 16.4% and 15.1%, respectively, Black Knight noted.
