Black Knight's First Look: June Sees Calendar-Driven Spike in Mortgage Delinquencies; Prepayments Fall Despite Rising Refinance Incentive
- Seasonal rises in mortgage delinquencies combined with June 2019 ending on a Sunday pushed the national delinquency rate up nearly 11% from May's all-time low
- While overall non-current inventory was up for the month, serious delinquencies -- loans 90 or more days past due, but not yet in active foreclosure -- fell to their lowest level in 12 years
- Despite increased refinance incentive from lower interest rates, prepayment activity dipped for the first time in five months, falling 7.5% from May
- Both foreclosure starts and the number of loans in active foreclosure rose modestly in June, but were down on an annual basis
JACKSONVILLE, Fla., July 23, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at June 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): 3.73%
Month-over-month change: 10.82%
Year-over-year change: -0.20%
Total U.S. foreclosure pre-sale inventory rate: 0.50%
Month-over-month change: 1.55%
Year-over-year change: -12.13%
Total U.S. foreclosure starts: 40,100
Month-over-month change: 2.82%
Year-over-year change: -7.82%
Monthly prepayment rate (SMM): 1.14%
Month-over-month change: -7.53%
Year-over-year change: 19.29%
Foreclosure sales as % of 90+: 1.76%
Month-over-month change: -2.65%
Year-over-year change: -1.63%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,950,000
Month-over-month change: 190,000
Year-over-year change: 25,000
Number of properties that are 90 or more days past due, but not in foreclosure: 455,000
Month-over-month change: -6,000
Year-over-year change: -93,000
Number of properties in foreclosure pre-sale inventory: 259,000
Month-over-month change: 4,000
Year-over-year change: -32,000
Number of properties that are 30 or more days past due or in foreclosure: 2,209,000
Month-over-month change: 194,000
Year-over-year change: -7,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
10.78% |
Louisiana: |
8.07% |
Alabama: |
7.16% |
West Virginia: |
6.87% |
Arkansas: |
6.22% |
Bottom 5 States by Non-Current* Percentage |
|
California: |
2.26% |
Idaho: |
2.24% |
Washington: |
2.11% |
Oregon: |
2.09% |
Colorado: |
1.95% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
3.15% |
Alabama: |
1.94% |
Louisiana: |
1.90% |
Arkansas: |
1.73% |
Tennessee: |
1.32% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
District of Columbia: |
-25.56% |
Hawaii: |
-15.53% |
California: |
-12.38% |
Illinois: |
-12.35% |
Florida: |
-11.47% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
South Dakota: |
10.52% |
Nebraska: |
6.83% |
Mississippi: |
6.82% |
Minnesota: |
6.22% |
Alaska: |
4.53% |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
- Totals are extrapolated based on Black Knight's loan-level database of mortgage assets.
- 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 August 5, 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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