Foreclosure starts fall to lowest level in 20 years
Foreclosure starts are now at the lowest level of the millennium, according to a new report from Black Knight.
November’s foreclosure starts marked a 26% decline from last year’s total. This is the lowest monthly volume since Black Knight began recording the metric in 2000, the company said.
Nationally, the foreclosure rate fell 3% from October, hitting its lowest level since 2005.
In November, there were 49,898 U.S. properties with foreclosure filings, ATTOM Data Solutions reported. The company also reported that foreclosure starts were up 13% in October then completely made a u-turn and went down 13% in November.
Although in November, delinquencies rose, they still remain around 5% lower than last year’s level.
Prepayment activity also fell 19% from October’s six-year high.
This is due to seasonal declines in home sale-related prepays and high-interest rates impacting refinance incentives, the report said. However, prepayment activity is still 123% above this point last year.
The delinquency rate went up this month by 4.18%, but still remains 4.72% lower year over year.
Mississippi had the highest amount of foreclosure starts at 10.44%. Louisiana follows at 7.84%; Alabama at 6.83%; West Virginia at 6.68% and Arkansas at 6.23%.
Colorado had the least amount of foreclosure starts, at 1.81%. Washington followed at 1.86%; Oregon at 1.9%; Idaho at 1.98% and California at 2.09%.
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