Black Knight's First Look: Bucking Historical Seasonal Trend, February Sees Delinquencies Rise; Prepayments Up 11 Percent, Driven by Softening Interest Rates
- Delinquencies rose by 3.7 percent in February, the first February increase in 12 years
- Despite the monthly rise, delinquencies remain more than 9.5 percent below last year's level
- At 40,400 for the month, foreclosure starts edged close to September 2018's 15-year low
- The national foreclosure rate continues to improve and is now down more than 21 percent year-over-year
- Prepayment speeds rose by 11 percent from January's 18-year low, suggesting an increase in refinance activity driven by the recent decline in 30-year interest rates
JACKSONVILLE, Fla., March 21, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at February 2019 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): 3.89%
Month-over-month change: 3.68%
Year-over-year change: -9.53%
Total U.S. foreclosure pre-sale inventory rate: 0.51%
Month-over-month change: -0.35%
Year-over-year change: -21.28%
Total U.S. foreclosure starts: 40,400
Month-over-month change: -19.52%
Year-over-year change: -13.49%
Monthly prepayment rate (SMM): 0.66%
Month-over-month change: 11.10%
Year-over-year change: -8.75%
Foreclosure sales as % of 90+: 1.48%
Month-over-month change: -23.35%
Year-over-year change: 5.76%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,019,000
Month-over-month change: 74,000
Year-over-year change: -179,000
Number of properties that are 90 or more days past due, but not in foreclosure: 502,000
Month-over-month change: -2,000
Year-over-year change: -195,000
Number of properties in foreclosure pre-sale inventory: 264,000
Month-over-month change: -1,000
Year-over-year change: -67,000
Number of properties that are 30 or more days past due or in foreclosure: 2,284,000
Month-over-month change: 74,000
Year-over-year change: -244,000
Top 5 States by Non-Current* Percentage
Mississippi: |
10.16% |
Louisiana: |
8.27% |
Alabama: |
6.98% |
West Virginia: |
6.42% |
Arkansas: |
6.19% |
Bottom 5 States by Non-Current* Percentage
North Dakota: |
2.56% |
Idaho: |
2.32% |
Washington: |
2.30% |
Oregon: |
2.23% |
Colorado: |
2.01% |
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: |
2.98% |
Louisiana: |
2.11% |
Alabama: |
1.92% |
Arkansas: |
1.78% |
Delaware: |
1.39% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage
Washington: |
0.88% |
Florida: |
1.01% |
Hawaii: |
1.58% |
Ohio: |
2.43% |
Indiana: |
3.67% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
North Dakota: |
18.67% |
South Dakota: |
17.99% |
Virginia: |
17.13% |
Minnesota: |
16.57% |
Colorado: |
14.67% |
*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, 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.
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 April 1, 2019.
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 (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
For more information: |
|
Michelle Kersch |
Mitch Cohen |
Black Knight, Inc. |
Black Knight, Inc. |
904.854.5043 |
704.890.8158 |
SOURCE Black Knight, Inc.
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