The nation's inventory of loans in foreclosure reached its lowest level since February 2008, according to a Black Knight Financial Services report.
Through September, 1.76% of active mortgages are in foreclosure, the Jacksonville, Fla.-based analytic provider said in its "first look" report on Friday. This percentage is equal to 893,000 loans, which is down 33% from a year earlier.
Meanwhile, delinquencies continued to decline, too. The U.S. loan delinquency rate — loans 30 or more days past due, but not in foreclosure — at the end of September was 5.67%, down 3.9% month-over-month and a 12% drop compared to the same time period last year.
The delinquent inventory
The top five states with the highest percentage of noncurrent loans include Mississippi (14.4%), New Jersey (12.2%), Louisiana (11.2%), New York (10.8%) and Florida (10.6%).
Conversely, the least amount of delinquent loans was found in Minnesota, Montana, Colorado, South Dakota and North Dakota, Black Knight reported.
Black Knight's data are derived from its loan-level database that represents approximately two-thirds of the overall market.
