November's foreclosure starts hit their lowest level since Black Knight started tracking this data in 2000, while the foreclosure rate reached a 14-year low.
However, the number of mortgages where the borrower was 30 days or more late on their payment rose by 4.2% from
Foreclosure starts dropped to 33,500 in November, down 23.7% from October and 26.9% from November 2018. Meanwhile the foreclosure rate was just 47 basis points, down 3.3% from the prior month and 9.1% compared with one year earlier.
Prepayments — which reached a six-year high point in October — fell by 19.1% to a rate of 1.46%, as
Still, the prepayment rate was 123% higher than the 10-year low of 0.66% recorded in November 2018.
The number of properties delinquent on their mortgage or in foreclosure grew by 75,000 in November to 2.12 million. This decreased 77,000 compared with November 2018.
The number of properties where the mortgage payment was
The foreclosure pre-sale inventory ended the month at 248,000, down 7,000 from October and 20,000 from November 2018.