Tuesday, February 27, 2024

Black Knight’s First Look: Seriously Delinquent Mortgages Hit Lowest Level Since 2006; Prepayments Trended Seasonally Higher in June Despite Elevated Interest Rates

  • Inching up 2 basis points from May, the national delinquency rate continues to hover near recent record lows, with June’s marking the third lowest level on record
  • The number of serious delinquencies (loans 90+ days past due) dropped to 471K — the lowest since August 2006 — and a 177K (-27%) improvement from June 2022
  • Early-stage delinquencies (30-days late) increased by 19K (+2.2%), while borrowers who’ve missed two payments (60-days past due) ticked up by 5K (+1.7%)
  • Foreclosure starts also increased slightly to 28K for the month — just 1% above the preceding 12-month average and still 38% below the June 2019’s pre-pandemic level
  • Foreclosure was started on 5.8% of serious delinquencies in June, up from 5.1% in May but still three percentage points below the start rate in May 2019 before the onset of the pandemic
  • The number of loans in active foreclosure shrunk another 5K in June and is still down 47K (-17%) from March 2020; meanwhile, June’s 6.9K foreclosure sales (completions) marked a 1.5% increase from May

JACKSONVILLE, Fla., July 21, 2023 /PRNewswire/ — Black Knight, Inc. (NYSE:BKI) reports the following “first look” at June 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.12%
Month-over-month change: 0.55%
Year-over-year change: -2.80%

Total U.S. foreclosure pre-sale inventory rate: 0.42%
Month-over-month change: -2.51%
Year-over-year change: -3.63%

Total U.S. foreclosure starts: 28,000       
Month-over-month change 10.31%
Year-over-year change: -11.25%

Monthly prepayment rate (SMM): 0.57%
Month-over-month change: 4.46%
Year-over-year change: -32.55%

Foreclosure sales: 6,900
Month-over-month change: 1.45%
Year-over-year change: 14.04%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,650,000
Month-over-month change: 11,000
Year-over-year change: -24,000

Number of properties that are 90 or more days past due, but not in foreclosure: 471,000
Month-over-month change: -13,000
Year-over-year change: -177,000

Number of properties in foreclosure pre-sale inventory: 224,000
Month-over-month change: -5,000
Year-over-year change: -5,000

Number of properties that are 30 or more days past due or in foreclosure: 1,874,000
Month-over-month change: 6,000
Year-over-year change: -29,000

Top 5 States by Non-Current* Percentage

Mississippi:

7.40 %

Louisiana:

6.84 %

Alabama:

5.31 %

Pennsylvania:

4.85 %

West Virginia:

4.84 %


Bottom 5 States by Non-Current* Percentage

Montana:

2.15 %

Oregon:

2.10 %

Idaho:

2.03 %

Colorado:

1.94 %

Washington:

1.94 %


Top 5 States by 90+ Days Delinquent Percentage

Mississippi:

2.17 %

Louisiana:

1.76 %

Alabama:

1.52 %

Arkansas:

1.33 %

Georgia:

1.22 %


Top 5 States by 12-Month Change in Non-Current* Percentage

Alaska:

-23.96 %

Vermont:

-13.43 %

Connecticut:

-13.31 %

North Dakota:

-12.22 %

New Mexico:

-11.65 %


Bottom 5 States by 12-Month Change in Non-Current* Percentage

Idaho:

15.17 %

Utah:

6.10 %

Arizona:

4.91 %

Delaware:

2.99 %

Michigan:

2.66 %


*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.



Notes:


1)

Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.

2)

All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred.

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by Aug. 7, 2023.

For more information about gaining access to Black Knight’s loan-level database, please send an email to [email protected].

 About Black Knight

Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serving their customers. For more information on Black Knight, please visit www.blackknightinc.com/

For more information:


Michelle Kersch

Mitch Cohen     

904.854.5043

704.890.8158

[email protected]

[email protected]

SOURCE Black Knight, Inc.

Originally published at https://www.prnewswire.com/news-releases/black-knights-first-look-seriously-delinquent-mortgages-hit-lowest-level-since-2006-prepayments-trended-seasonally-higher-in-june-despite-elevated-interest-rates-301882755.html

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