Foreclosure starts fall to 17-year low

Active foreclosures at 12-year low

Foreclosure starts fall to 17-year low

There was a further drop in foreclosure starts in June with the fewest single-month total in more than 17 years.

The 3.1% month-over-month decline to 43,500 was 23.01% below the number recorded in June 2017 according to ‘first look’ data from Black Knight Financial of its loan-level database representing most of the national mortgage market.

Active foreclosures continued to decline too, falling below 300,000 for the first time in nearly 12 years and the inventory of loans in active foreclosure has fallen 30% (-119k) over the past 12 months.

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.74% or 1,925,000 mortgages; up 2.71% month-over-month (58,000) but down 1.59% year-over-year (7,000).

The number of properties that are 90 or more days past due, but not in foreclosure was 548,000, down 20,000 month-over-month and down 7,000 year-over-year.

Prepayment activity was up again in June (to 0.95%) as home sales reached their typical early-summer peak.


Top 5 States by Non-Current* Percentage

Mississippi:                  9.70%

Louisiana:                    7.64%

Alabama:                     6.71%

West Virginia:              6.65%

Maine:                         5.96%                                                  

Bottom 5 States by Non-Current* Percentage

North Dakota:               2.37%

Idaho:                           2.30%

Washington:                 2.26%

Oregon:                        2.16%

Colorado:                     1.95%

Top 5 States by 90+ Days Delinquent Percentage 

Mississippi:                  2.92%

Florida:                        2.13%

Louisiana:                    2.01%

Alabama:                     1.88%

Arkansas:                    1.62%                                                                          

Top 5 States by 6-Month Improvement in Non-Current* Percentage

Florida:                         -39.08%

Texas:                          -26.31%

Louisiana:                    -21.89%

Arizona:                       -19.12%

New Mexico:                -18.73%                                                                                                          

Top 5 States by 6-Month Deterioration in Non-Current* Percentage 

Alaska:                        -5.75%

North Dakota:              -5.84%

Hawaii:                        -12.29%

Delaware:                    -12.54%

Colorado:                     -13.18%                                  

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.