Black Knight Financial Services' First Look at May Mortgage Data: Reduction in Foreclosure Inventory Picking Up Speed, Down 29 Percent from Last Year
-- Foreclosure inventory now below 575,000 from over 800,000 just 12 months ago
-- Foreclosure starts up from 10-year low in April, but at 62,100 remain below pre-crisis levels
-- Prepayment speeds (historically a good indicator of refinance activity) continue to trail 2015 levels despite interest rates being lower than last year
-- Delinquencies inched up in May; still down by over 13 percent on an annual basis
JACKSONVILLE, Fla., June 22, 2016 /PRNewswire/ -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) reports the following "first look" at May 2016 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): 4.25%
Month-over-month change: 0.36%
Year-over-year change: -13.47%
Total U.S. foreclosure pre-sale inventory rate: 1.13%
Month-over-month change: -3.55%
Year-over-year change: -28.78%
Total U.S. foreclosure starts: 62,100
Month-over-month change: 5.79%
Year-over-year change: -19.77%
Monthly Prepayment Rate (SMM): 1.30%
Month-over-month change: 3.31%
Year-over-year change: -2.40%
Foreclosure Sales as % of 90+: 2.03%
Month-over-month change: -4.58%
Year-over-year change: -1.85%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,153,000
Month-over-month change: 7,000
Year-over-year change: -325,000
Number of properties that are 90 or more days past due, but not in foreclosure: 719,000
Month-over-month change: -11,000
Year-over-year change: -160,000
Number of properties in foreclosure pre-sale inventory: 574,000
Month-over-month change: -21,000
Year-over-year change: -229,000
Number of properties that are 30 or more days past due or in foreclosure: 2,727,000
Month-over-month change: -14,000
Year-over-year change: -553,000
Top 5 States by Non-Current* Percentage
Mississippi: 11.09%
Louisiana: 9.13%
New Jersey: 8.86%
Maine: 7.85%
Alabama: 7.85%
Bottom 5 States by Non-Current* Percentage
Montana: 3.03%
South Dakota: 2.92%
Minnesota: 2.71%
Colorado: 2.57%
North Dakota: 2.33%
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 3.68%
Louisiana: 2.79%
Alabama: 2.55%
Arkansas: 2.11%
Rhode Island: 2.11%
Top 5 States by 6-Month Improvement in Non-Current* Percentage
Washington: -18.73%
Nebraska: -18.61%
Florida: -17.93%
Nevada: -17.63%
Arizona: -16.26%
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
North Dakota: 5.32%
Alaska: 5.25%
Wyoming: -1.06%
Louisiana: -9.04%
Vermont: -10.14%
*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 Financial Services' loan-level database of mortgage assets.
2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20160622.aspx.
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 http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by July 11, 2016.
For more information about gaining access to Black Knight's loan-level database, please send an email to [email protected].
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
For more information:
Michelle Kersch
904.854.5043
[email protected]
Mitch Cohen
646.546.5103
[email protected]
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SOURCE Black Knight Financial Services, Inc.
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