Black Knight's First Look: Increased Mortgage Cures in July Push Delinquencies to Lowest Level Since March 2006; Foreclosure Starts Rise 11 Percent
- Continued hurricane-related cure activity pushed delinquencies to their lowest level in more than 12 years
- Foreclosure starts rose 11 percent over June's 17-year low to 48,300, for the highest total in three months
- Though starts rose nationwide, foreclosure referrals in hurricane-affected areas of Texas increased by a higher-than-average 19 percent
- Fewer completions and an increase in starts caused foreclosure inventory to rise slightly in July, for just the second such increase in the past three years
- Improving delinquencies outweighed the slight increase in foreclosures, bringing the total non-current population (all loans 30 or more days delinquent or in active foreclosure) to a more than 12-year low
JACKSONVILLE, Fla., Aug. 23, 2018 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at July 2018 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): 3.61%
Month-over-month change: -3.35%
Year-over-year change: -7.50%
Total U.S. foreclosure pre-sale inventory rate: 0.57%
Month-over-month change: 0.73%
Year-over-year change: -27.32%
Total U.S. foreclosure starts: 48,300
Month-over-month change: 11.03%
Year-over-year change: -9.38%
Monthly prepayment rate (SMM): 0.90%
Month-over-month change: -5.33%
Year-over-year change: -11.04%
Foreclosure sales as % of 90+: 1.70%
Month-over-month change: -4.79%
Year-over-year change: -13.14%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,861,000
Month-over-month change: -64,000
Year-over-year change: -125,000
Number of properties that are 90 or more days past due, but not in foreclosure: 528,000
Month-over-month change: -20,000
Year-over-year change: -27,000
Number of properties in foreclosure pre-sale inventory: 293,000
Month-over-month change: 2,000
Year-over-year change: -105,000
Number of properties that are 30 or more days past due or in foreclosure: 2,154,000
Month-over-month change: -62,000
Year-over-year change: -230,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
9.61% |
Louisiana: |
7.78% |
Alabama: |
6.62% |
West Virginia: |
6.36% |
Indiana: |
5.85% |
Bottom 5 States by Non-Current* Percentage |
|
Washington: |
2.31% |
North Dakota: |
2.29% |
Idaho: |
2.25% |
Oregon: |
2.13% |
Colorado: |
1.91% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
2.89% |
Louisiana: |
2.09% |
Alabama: |
1.91% |
Florida: |
1.79% |
Arkansas: |
1.64% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
Florida: |
-37.20% |
Texas: |
-23.77% |
Louisiana: |
-16.68% |
Rhode Island: |
-15.30% |
Nevada: |
-14.26% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
North Dakota: |
-3.22% |
Colorado: |
-7.15% |
Washington: |
-7.45% |
Delaware: |
-8.14% |
Alaska: |
-8.51% |
*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 Sept. 10, 2018.
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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