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Foreclosures at 15-Month Low, Serious Delinquencies on the Decline

Published August 28, 2023

07:00 AM EDT

Foreclosures hit their lowest point on record last year, putting more pressure on the low-inventory housing market. — Orlando Sent❀inel/Tribuneꦅ News Service via Getty Images

Foreclosure activity has hit its lowest level in 15 months, while serious delinquencies continue t🌠o fall.

Key Takeaways

The national delinquency rate was up 9 basis points in July, but down 12 basis points year-over-year and within 12 basis points of March’s record low.
Serious delinquencies were at the lowest level since before the Great Financial Crisis's housing market peak and down 26% year-over-year.
90+ day delinquencies fell by 0.6%.

That's according to a new report released this week from real estate data company Black Knight. With the national delinquency rate hovering just above March’s record low and serious delinquencies at their lowest level since before the Great Financial Crisis of 2007-08. Moreover, loans in active foreclosure were down to 220,000, remaining🍌 63,000 (-22%) lower than the level in ꧑February 2020 just prior to the onset of the pandemic.

Meanwhile, the 26,300 foreclosure starts in July were 4% less than the average number of such activity over the preceding year and 🐭just less than 40% below pre-pandemic levels. Prepayment activity briefly rose under 7%, wrapping up July at 6.88% with prepayments still down 28% year-over-year.

The top five states by 90+ days delinquent percentage were Mississippi (2.17%), Louisiana (1.78%), Alabama (1.49%), Arkansas (1.27%), and Georgia (1.22%).

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