The mortgage delinquency rate in the U.S. dropped in August by the largest amount, based on a yearly comparison, since 2011, according to data from Black Knight Financial Services.
Delinquencies rose by approximately 2.5% month in August compared with July but were down 18.2% annually, according to Black Knight. There were approximately 42,000 newly delinquent U.S. borrowers in August, but total non-current inventory – properties 30 or more days past due or in foreclosure – fell by about 766,000 from the same time last year.U.S. foreclosure starts were up approximately 7% in August compared with July, mostly because of an increase in repeat foreclosures. But the number of borrowers in active foreclosure - 696,000 - is at its lowest point since November 2007.
Mississippi has the highest total of non-current inventory and the highest share of seriously delinquent loans in the country, according to Black Knight. All 50 states have seen improvement in non-current inventory in the past six months, with Florida leading the way with a nearly 18% reduction.