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FORECLOSURES UP 70,4K OR 18% HIGHEST SINCE MARCH 2016

BLACK KNIGHT FINANCIAL SERVICES
FEBRUARY 2017
BY:JANE SWANSON
MORTGAGE NEWS DAILY

"There were 70,400 homes placed into the foreclosure process during the month, an increase of 18 percent and the most for any month since March 2016. Despite the surge, starts were still down 2.09 percent from the previous January.

There were 481,000 properties in process of foreclosure in January, a rate of 0.94 percent of all mortgaged homes. This is a decline in the foreclosure inventory of 2,000 homes or -0.46 percent since December and a year-over-year change of -178,000 or 27.57 percent.

Foreclosure sales are calculated as a percentage of mortgages that are more than 90 days past due. The rate of 2.23 percent was down 25.51 percent from the previous month but up 2.91 percent from January 2016.

A total of 2.64 million homeowners are past due on their mortgages, including those in the process of foreclosure.

States with the highest percentages of non-current loans are Mississippi at 11.30 percent, Louisiana, 9.78 percent, and Alabama, West Virginia, and New Jersey with rates between 7.91 percent and 7.47 percent."