According to a recently issued report from Black Knight Financial Services, the current rate of loans in active foreclosure is lower now than at any other point in nearly a decade.
The new data, found in the company’s “First Look at the September Mortgage Data” report, shows that only 1% of the total number of mortgages in the United States are currently in active foreclosure. This figure is 3.38% lower than August’s numbers, 31.23% lower year-over-year when compared to September of 2015, and represents a nine year low overall.
Total foreclosure starts fell to 61,700 in September – a decrease of 10.32% from August and 22.78% from the previous year. Foreclosure sales also decreased 5.82% from August, but did increase slightly by 2.47% when compared to September of 2015.
The total loan delinquency rate—which represents mortgage loans that are 30 or more days past due, but not in foreclosure—was found to be 4.27% of all loans. This figure shows a 12.24% decrease from 2015’s total, but also reports a slight increase of 0.74% from the amount found this past August.
The number of properties that are 30 or more days past due, but not in foreclosure, rose by 14,000 from August to September, and now total 2,165,000. Even with this increase, there was still a strong decline of nearly 292,000 properties from the previous year. In addition, the number of properties that are 90 or more days past due, but not in foreclosure, also dropped both month-over-month and year-over-year to 668,000.
Lastly, Black Knight’s report showed that there are currently 2,674,000 properties that are 30 or more days past due or in foreclosure, which is roughly 4,000 less than the figures seen this past August and 520,000 less than the figures seen in September of 2015.
For more information, including charts with state-by-state analysis, check out Black Knight’s report.