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Mortgage Delinquency and Foreclosure Rates Drop to Lowest Level In 6 Years

Mortgage delinquency and foreclosure rates both declined in March to the lowest levels since October 2007 and 2008, respectively, according to data just released by Black Knight Financial Services (formerly LPS).  The U.S. mortgage delinquency rate (30+ days delinquent)  in March 2014 was 5.52%, a 7.57% decline from the month before and a 16.29% decline from a year ago.  The U.S. foreclosure pre-sale inventory rate in March 2014 was 2.13%, a decline of 4.23% from the month before and a drop of 36.69% from March 2013.

There are still several states with double-digit mortgage delinquencies, Mississippi being the one with the highest rate with 13.39% of all mortgages being 30+ days delinquent.  Below is the list of the top 5 states for the highest mortgage delinquency rates as well as the top 5 states for the lowest rates.

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Top 5 States for Highest Mortgage Delinquency Rate:

  1. Mississippi: 13.39%
  2. New Jersey: 12.93%
  3. Florida: 12.10%
  4. New York: 11.09%
  5. Maine: 10.58%

Top 5 States for Lowest Mortgage Delinquency Rate:

  1. Montana: 3.93%
  2. Colorado: 3.89%
  3. Alaska: 3.83%
  4. South Dakota: 3.43%
  5. North Dakota: 2.51%

 

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