But foreclosure starts increased in July
The impact of hurricanes continued to be seen in mortgage data in July according to the Black Knight’s ‘first-look’ report.
However, an increase in hurricane-related mortgage cures activity means that total non-current population (all loans 30+ days delinquent or in active foreclosure) fell to the lowest level since March 2006.
Nationwide, 1,861,000 homes were 30+ days past due but not in foreclosure (3.61%) which was down 3.35% from June and down 7.50% from July 2017.
Total foreclosure starts were up 11.03% from June to 48,300 (down 9.38% year-over-year).
Though starts rose nationwide, foreclosure referrals in hurricane-affected areas of Texas increased by a higher-than-average 19%.
The monthly pre-payment rate was 0.90%, down 5.33% from June and down 11.04% from July 2017.
The number of US properties that are 30+ days past due or in foreclosure was 2,154,000. That was 62,000 fewer than in June 2018 and 230,000 fewer than in July 2018.
Mississippi (9.61%), Louisiana (7.78%), and Alabama (6.62%) lead the states by non-current percentage. The three are also the leading states for 90+ days delinquent percentage (2.89%,2.09%, and 1.91% respectively). However, all are down from their July 2017 levels in both metrics.
The states with the lowest non-current percentages are Colorado (1.91%), Oregon (2.31%) and Idaho (2.25%).
The states that showed highest 6-month improvement in non-current percentage were Florida (down 37.20% to 5.24%), Texas (down 23.77% to 5.10%), and Louisiana (down 16.68% to 7.78%).