Black Knight's First Look: Foreclosure Starts Hit Lowest Level on Record; Mortgage Delinquencies Edge Slightly Upward from January's Record Low
- Foreclosure starts fell 25% from January, and 20% from the year prior, hitting their lowest level on record since Black Knight began publicly reporting the metric in January 2000
- The national foreclosure rate also ticked lower in February, falling to 0.45%; the lowest it's been since 2005, and within one basis point of an all-time low
- Delinquencies were up slightly from January, but remain more than 15% below last year's levels
- Prepayment activity rose by nearly 8% month-over-month as early 2020 rate declines have begun to impact refinance activity
JACKSONVILLE, Fla., March 23, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at February 2020 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): 3.28%
Month-over-month change: 1.95%
Year-over-year change: -15.60%
Total U.S. foreclosure pre-sale inventory rate: 0.45%
Month-over-month change: -2.54%
Year-over-year change: -11.23%
Total U.S. foreclosure starts: 32,300
Month-over-month change: -24.53%
Year-over-year change: -20.05%
Monthly prepayment rate (SMM): 1.35%
Month-over-month change: 7.78%
Year-over-year change: 106.59%
Foreclosure sales as % of 90+: 1.46%
Month-over-month change: -19.27%
Year-over-year change: -1.76%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,737,000
Month-over-month change: 32,000
Year-over-year change: -282,000
Number of properties that are 90 or more days past due, but not in foreclosure: 409,000
Month-over-month change: -10,000
Year-over-year change: -93,000
Number of properties in foreclosure pre-sale inventory: 239,000
Month-over-month change: -7,000
Year-over-year change: -25,000
Number of properties that are 30 or more days past due or in foreclosure: 1,976,000
Month-over-month change: 25,000
Year-over-year change: -308,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
9.72% |
Louisiana: |
7.20% |
Alabama: |
6.31% |
West Virginia: |
6.17% |
Arkansas: |
5.76% |
Bottom 5 States by Non-Current* Percentage |
|
California: |
1.98% |
Oregon: |
1.88% |
Idaho: |
1.87% |
Colorado: |
1.72% |
Washington: |
1.70% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
2.90% |
Alabama: |
1.68% |
Louisiana: |
1.68% |
Arkansas: |
1.53% |
West Virginia: |
1.17% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
Montana: |
-15.29% |
Maine: |
-14.22% |
Washington: |
-11.03% |
Tennessee: |
-9.81% |
Wisconsin: |
-9.32% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
North Dakota: |
2.73% |
Minnesota: |
2.15% |
Oregon: |
1.26% |
Alaska: |
0.75% |
Arizona: |
0.32% |
*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 6, 2020.
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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