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Mortgage delinquencies and foreclosures persist in May

Black Knight offers early look at May mortgage data, and it’s not good news

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Mortgage delinquencies and foreclosures increased last month, according to a first look at mortgage market data recently released by the Data & Analytics division of Black Knight Financial Inc., a Fidelity National Financial company. The rate of delinquencies, or loans that are 30 or more days past due but not in foreclosure, was 4.96 percent in May, up 4 percent from April's rate. However, in comparison to the same period last year, delinquencies are down 12 percent, Black Knight said. Noncurrent inventory was up 89,000 in May for a total of 3.3 million, but down 537,000 loans from one year ago, Black Knight said. Florida continues to struggle, once again leading the nation with a 22 percent, six-month reduction in noncurrent inventory. Other struggling states are Idaho, Michigan, Minnesota and Illinois. Total foreclosure starts were at 81,900, or a nearly 12 percent increase since April. Seriously delinquent states include Mississippi, Rhode Island, Louisia...