Delinquency on residential loans turned sharply lower last month as the impact from last year’s hurricanes shifted to new foreclosure filings.

At the conclusion of March, the number of single-family loans that were either at least a month past due or in foreclosure was 2.232 million.

Included in the non-current total were 1.912 million loans that were at least 30 days delinquent but not in foreclosure and 321,000 loans in the foreclosure pre-sale inventory.

Source: Mortgage Daily