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FORECLOSURES CONTINUE
TO DROP
e ongoing downhill journey of foreclosure
activity continued, with starts for the month of
May hitting the second-lowest total in more than
17 years, according to the latest data from Black
Knight, Inc.
Black Knight's First Look at mortgage
performance data for May 2018 revealed a total
of 44,900 foreclosure starts in May, down 8.92
percent since April and 19.53 percent year-
over-year (YOY). Nationwide, only 303,000
mortgages were in active foreclosure in May,
down 11,000 since April and by 118,000 year-
over-year. e national foreclosure rate for May
was only 0.59 percent—the lowest rate in some
15 years.
A little over 2 million properties were 30
or more days past due, or in foreclosure, as of
May 2018. at total was down by nearly 30,000
month-over-month, and down by 177,000 year-
over-year.
Assuming the current rate of decline
continues, Black Knight estimated that
foreclosure inventories should hit the pre-
recession average (measured between 2000 and
2005) by early Q 3 2018.
May also marked the fifth month in a row
of declining delinquencies. e total U.S. loan
delinquency rate, measuring loans that are 30 or
more days past due but not yet in foreclosure, was
3.64 percent for May. at marked a month-over-
month decrease of 0.84 percent, and a year-over-
year change of -4.08 percent, according to Black
Knight.
e top five states by noncurrent percentage
include Mississippi (9.49 percent, down 6.55
percent YOY), Louisiana (7.47 percent, down
13.99 percent YOY), Alabama (6.56 percent,
down 7.97 percent YOY), West Virginia (6.27
percent, down 8.19 percent YOY), and Florida
(6.07 percent, up 16.55 percent YOY).
e bottom five states by noncurrent percent-
age include Minnesota (2.29 percent, down 8.71
percent YOY), Washington (2.22 percent, down
19.99 percent YOY), North Dakota (2.21 percent,
down 2.0 percent YOY), Oregon (2.12 percent,
down 21.32 percent YOY), and Colorado (1.90
percent, down 10.21 percent YOY).
SEASONED
LEADERSHIP &
A STRONG TEAM
Michele DeStefano
& The Madison Group
30 Agents,
3 States,
1 Result.
MORE LISTINGS
SOLD IN
LESS TIME.
Serving New Jersey, New York,
And Pennsylvania.
Keller Williams Village
Square Realty
The Madison Group
74 Godwin Ave., Ridgewood, NJ 07450
201.891.0402
Michele@MadisonGroupKW.com
MadisonGroupKW.com
