Foreclosure Starts Increase 7% in November: Black Knight

Mortgage

Foreclosure starts increased nearly 7% in November from the previous month, but when compared to the previous year, they were down by over 9%, according to Black Knight Financial Services’ First Look report.

There were 60,400 foreclosure starts in November, compared with 58,500 for October. Still, foreclosure starts remain near their 10-year-low level, Black Knight said.

But for the fourth consecutive month, there was an increase in the percentage of loans 30 days or more past due but not in foreclosure. For November, the total delinquency rate was 4.46%, up from 4.35% in October. This is “a relatively mild seasonal increase by historical standards,” Black Knight said in a press release.

For the first time in 10 years, the number of loans in active foreclosure is under 500,000, at 498,000. This is 6,000 less than in October and 200,000 less than in November 2015.

The five states which had the largest growth over the past sixth months in the total number of foreclosures and delinquent mortgages are Louisiana, up 10.59%; Wyoming, up 10.08%; South Dakota, up 8.34%; Nebraska, up 7.89; and Iowa, up 7.45%.

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