Although delinquencies rose by about 2.5% month over month in August, they were down 18.2% annually, according to Black Knight. There were about 42,000 newly delinquent U.S. borrowers in August, but total non-current inventory – properties 30 or more days past due or in foreclosure – was down by about 766,000 from the same time last year.
U.S. foreclosure starts were up about 7% month over month in August, mostly due to an increase in repeat foreclosure. But at 696,000, the number of borrowers in active foreclosure is at its lowest point since November of 2007.
Every state has seen improvement in its non-current inventory in the past six months, with Florida leading the way with a nearly 18% reduction. Mississippi has the highest total of non-current inventory and the highest share of seriously delinquent loans in the country, according to Black Knight.
The U.S. mortgage delinquency rate saw its biggest annual drop since 2011 in August, according to new data from Black Knight Financial Services.