The national delinquency rate fell to a seven-year low through October, according to data from Black Knight Financial Services.
The Jacksonville, Fla.-based analytic firm’s “first look” report revealed that the national delinquency rate at the end of October was 5.44%. This figure is down more than 13% from a year earlier and dropped 4% month over month.
Over 2.7 million properties are deemed to be 30 or more days delinquent, but not in foreclosure, which is down 393,000 from the same time period last year.
The states with the highest percentages of mortgage loans that are not current are Mississippi (13.8%), New Jersey (11.8%), Louisiana (10.7%), New York (10.3%), and Florida (10.2%).
Furthermore, the foreclosure inventory posted a 1.69% rate through October, which is a 33% decrease compared to a year ago. Black Knight said the latest foreclosure pre-sale inventory rate is its lowest level since February 2008.
There are 858,000 properties that account for the foreclosure pre-sale inventory through October, Black Knight said.
Additionally, foreclosure starts declined by more than 31% year over year, as 81,400 borrowers started the foreclosure process at the end of October.
Black Knight’s report represents the company’s loan-level database representing approximately two-thirds of the overall market.