The mortgage delinquency rate improved in October, falling to 6.44%, down for a fifth month and reaching its lowest level since March, according to Black Knight "first look" at October 2020 month-end mortgage statistics.
There were 105K fewer past due mortgages than in October vs. September.
Even with the five-month string of improvements, more than 3.4M mortgages were delinquent, almost twice as many as there were at the start of 2020.
With interest rates at record lows, the prepayment rate pushed up to 3.17%, its highest single-month level in more than 16 years.
October's 4,700 foreclosure starts were down almost 90% Y/Y as moratoriums remain in place.
Serious delinquencies — loans that are 90 days or more past due — also improved, down by 64K to 2.26M; still, that's more than five times' pre-pandemic levels.
The number of properties with loans that are 30 days or more past due, but not in foreclosure, fell by 105K to 3.44M.
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