Black Knight's First Look: Mortgage Delinquencies Rebound Strongly in October; Number of Seriously Past-Due Loans Falls Below 500,000 for First Time Since 2006
- After rising sharply in September, mortgage delinquencies fell by 8.2 percent in October and are now down by nearly 18 percent from the same time last year
- Serious delinquencies - loans 90 or more days past due - fell by 14,000 from last month and 90,000 from last October to hit a more than 12-year low
- Improvements in hurricane-related delinquencies associated with Harvey and Irma - which spiked in late 2017 - are contributing to the strong year-over-year improvements
- Despite foreclosure starts seeing a monthly increase from September's nearly 18-year low, the number of loans in active foreclosure fell slightly from September and has decreased by 24 percent from last year
- Prepayment activity - now driven primarily by housing turnover - climbed 14 percent, but remains 29 percent below last year's level
JACKSONVILLE, Fla., Nov. 27, 2018 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at October 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): 3.64%
Month-over-month change: -8.19%
Year-over-year change: -17.93%
Total U.S. foreclosure pre-sale inventory rate: 0.52%
Month-over-month change: -0.54%
Year-over-year change: -24.24%
Total U.S. foreclosure starts: 50,600
Month-over-month change: 26.50%
Year-over-year change: 0.80%
Monthly prepayment rate (SMM): 0.80%
Month-over-month change: 13.59%
Year-over-year change: -28.67%
Foreclosure sales as % of 90+: 1.95%
Month-over-month change: 27.74%
Year-over-year change: 15.32%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,884,000
Month-over-month change: -165,000
Year-over-year change: -378,000
Number of properties that are 90 or more days past due, but not in foreclosure: 499,000
Month-over-month change: -14,000
Year-over-year change: -90,000
Number of properties in foreclosure pre-sale inventory: 267,000
Month-over-month change: -1,000
Year-over-year change: -81,000
Number of properties that are 30 or more days past due or in foreclosure: 2,152,000
Month-over-month change: -165,000
Year-over-year change: -458,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
10.00% |
Louisiana: |
7.89% |
Alabama: |
6.76% |
West Virginia: |
6.25% |
Arkansas: |
6.05% |
Bottom 5 States by Non-Current* Percentage |
|
North Dakota: |
2.30% |
Idaho: |
2.26% |
Washington: |
2.25% |
Oregon: |
2.03% |
Colorado: |
1.81% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
2.94% |
Louisiana: |
2.06% |
Alabama: |
1.88% |
Arkansas: |
1.80% |
Tennessee: |
1.39% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
Florida: |
-28.92% |
Alaska: |
-17.15% |
Oregon: |
-7.70% |
Texas: |
-7.52% |
New Jersey: |
-7.03% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
Nebraska: |
23.90% |
Iowa: |
14.32% |
North Carolina: |
12.45% |
Arkansas: |
11.55% |
Minnesota: |
10.44% |
*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 Dec. 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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