Black Knight's First Look: Prepayments Surge on Lower Interest Rates; Seasonal Delinquency Rate Improvement Remains Muted
-- Prepayment activity increased by 28% month-over-month, the largest single-month increase in more than 2.5 years, in response to declining interest rates and the start of the homebuying season
-- The national delinquency rate fell by 5.3% for the month, the smallest improvement for any March in six years in what is typically the strongest-performing month of the year
-- March 2019 ended on a Sunday, which has historically led to an increase in delinquencies, and came on the heels of February's atypical increase in delinquencies
-- The month's 39,700 foreclosure starts marked the lowest single-month volume in more than 18 years, while reduced outflow held active foreclosure inventory steady at 264,000
- Outstanding 90-day delinquencies have now fallen below 500,000 for the first time in more than 12 years
JACKSONVILLE, Fla., April 23, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at March 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): 3.65%
Month-over-month change: -5.30%
Year-over-year change: -1.97%
Total U.S. foreclosure pre-sale inventory rate: 0.51%
Month-over-month change: -0.16%
Year-over-year change: -18.80%
Total U.S. foreclosure starts: 39.700
Month-over-month change: -1.49%
Year-over-year change: -23.80%
Monthly prepayment rate (SMM): 0.84%
Month-over-month change: 28.09%
Year-over-year change: -4.20%
Foreclosure sales as % of 90+: 1.65%
Month-over-month change: 11.61%
Year-over-year change: -2.67%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,903,000
Month-over-month change: -98,000
Year-over-year change: -9,000
Number of properties that are 90 or more days past due, but not in foreclosure: 493,000
Month-over-month change: -8,000
Year-over-year change: -139,000
Number of properties in foreclosure pre-sale inventory: 264,000
Month-over-month change: 0
Year-over-year change: -57,000
Number of properties that are 30 or more days past due or in foreclosure: 2,168,000
Month-over-month change: -97,000
Year-over-year change: -64,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
10.25% |
Louisiana: |
7.94% |
Alabama: |
6.87% |
West Virginia: |
6.32% |
Arkansas: |
5.94% |
Bottom 5 States by Non-Current* Percentage |
|
California: |
2.36% |
Idaho: |
2.25% |
Washington: |
2.18% |
Oregon: |
2.16% |
Colorado: |
1.91% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
3.11% |
Louisiana: |
2.09% |
Alabama: |
1.95% |
Arkansas: |
1.78% |
Delaware: |
1.38% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
North Carolina: |
-11.38% |
Washington: |
-11.13% |
Indiana: |
-10.42% |
Ohio: |
-9.96% |
Kentucky: |
-9.78% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
Rhode Island: |
2.46% |
Maine: |
-0.21% |
Mississippi: |
-0.75% |
Virginia: |
-2.96% |
Louisiana: |
-3.08% |
*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 May 6, 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.
Related Links
https://www.blackknightinc.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article