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FORECLOSURE
STARTS PLUNGE TO
LOWEST MONTHLY
TOTAL IN NEARLY A
DECADE
Some foreclosure metrics have long
been approaching or below pre-crisis levels.
Foreclosure starts reached a new low in
November, however, falling to their lowest
level in nearly 10 years, according to Black
Knight Financial Services' First Look at
Mortgage Data for November 2015.
November's total of 66,600 foreclosure
starts was the lowest total for one month
since April 2006, about two and a half years
before the beginning of the housing crisis.
e total represents a 9 percent decline from
October and nearly a 10 percent decline from
November 2014, according to Black Knight.
Foreclosure inventory was also way down in
November, falling by about 185,000 properties
year-over-year down to about 698,000—or
approximately 1.38 percent of all residential
mortgages in the U.S.
While foreclosure starts
were steadily declining,
however, the number of
both 30- and 90-day
delinquencies experienced
seasonal upticks.
e total of mortgage loans that were 30
days overdue but not in foreclosure increased
by about 76,000 over-the-month up to about
2.49 million, or 4.92 percent of all mortgages.
Despite the monthly increase, that total fell by
more than half a million (546,000) year-over-
year, according to Black Knight. Concurrently,
the number of mortgages that were 30 days or
more overdue or in foreclosure rose by about
53,000 from October to November, up to 3.2
million. Despite the monthly increase, that
number represented a year-over-year drop of
nearly three-quarters of a million (732,000).
e number of residential mortgage
loans 90 days or more delinquent but not
in foreclosure ticked up from October to
November by about 7,000 properties, up to
about 827,000, according to Black Knight.
at total declined year-over-year by more
than a quarter of a million, however (293,000).
e monthly pre-payment rate, which is
normally a good indicator of refinance activity,
inched upward year-over-year by 0.4 percent
but took a substantial tumble from October to
November of about 16 percent, down to 0.92
percent, according to Black Knight.
