The U.S. foreclosure inventory in July descended to its lowest level in 15 months, according to new data from Black Knight Inc. (NYSE:BKI).
The total U.S. loan delinquency rate last month was 3.21%, up 9 basis points from the previous month but down 12 basis points from one year ago – it was also within 12 basis points of the record low level set last March. Loans in active foreclosure fell to 220,000, the fewest since just after the end of federal foreclosure moratoria, while serious delinquencies fell to 468,000, a 26% year-over-year decline and the lowest level seen since the pre-Great Financial Crisis housing market peak.
July’s 26,300 foreclosure starts were 4% below the average number of such actions over the preceding 12 months and were 39% below pre-pandemic levels.
Among the states, Mississippi had the highest non-current percentage at 7.65% and Colorado had the lowest with 1.95%.
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