By Brian Honea | DS News
The nation’s foreclosure inventory fell to its lowest level in almost seven years in November, but the percentage of delinquent mortgage loans is on the rise, according to Black Knight Financial Services’ November 2014 “First Look” at Mortgage Data.
Delinquent mortgages, which are those more than 30 days overdue but not in foreclosure, jumped by 12 percent from October to November, according to Black Knight. While there is somewhat of a seasonal aspect to the increase (the delinquency rate has gone up month-over-month in six of the last seven Novembers), the 12 percent spike is the largest month-over-month increase since 2008, Black Knight reported.
The actual number of delinquent loans jumped by 329,000 from October to November, up to 3.08 million, according to Black Knight. The number of delinquent loans declined year-over-year in November, however, dropped by 5.7 percent (a total of 153,000 loans), Black Knight reported.
