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Delinquencies at 9-Year Low After Big Drop in February
Thursday, March 24, 2016
After a worrisome spike in January, foreclosure activity settled back down in February, with some metrics reaching multi-year lows. Black Knight Financial Services said that delinquency rates, which had jumped above 5 percent in January for the first time in nearly a year, fell 12.57 percent in February to 4.45 percent of outstanding mortgages. It was the lowest rate since April 2007 and 15.93 percent below the rate in February 2015.
Delinquencies are defined as loans that are 30 or more days past due but not in foreclosure. In terms of numbers there are 2.52 million loans nationwide meeting that definition in February, down by 323,000 since January and 419,000 on an annual basis. Delinquencies had jumped by 167,000 in January. Of the February delinquencies 772,000 were considered seriously delinquent, that is 90 or more days past due but not in foreclosure, a decline of 59,000 for the month and about a quarter million from the previous February.
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