Delinquent Mortgages Down, Prepayment Up
The good news about the past year’s real estate market continues to come in. According to Black Knight Financial Services, the past twelve months brought us a substantial improvement in mortgage performance. It would appear that there was a 22% decrease in foreclosure inventory nationwide, and a 15% decrease in the number of delinquent mortgages.
The number of mortgage loans that were at least thirty days past due, but not in foreclosure proceedings. At the end of the year, there was a total of 2.41 million delinquent mortgages, representing a drop of about 425,000 from the end of 2014. Meanwhile, there was a total of 689,000 properties in the middle of foreclosure proceedings at the end of the year, representing a drop of about 9,000 from November and 192,000 from the end of 2014.
Black Knight also tells us that the rate of prepayment is also on the rise. In December, this metric was higher than it was in the end of 2014.
