Black Knight: Mortgage Delinquencies Near Record Low in August; Foreclosure Starts Up 15% from July, Still More Than 40% Below Pre-Pandemic Levels

• The national delinquency rate fell 3.6% in August to 2.79%, just 4 BPS above May 2022's record low
• Improvement was broad based, with the number of borrowers a single payment past due falling by 4% and those 90 or more days delinquent down 4.5%
• After dropping steadily over recent months, cure activity also improved in August, with 62K seriously delinquent loans curing to current status, up from 58K in July
• The month's 20.3K foreclosure starts represent a 15% jump in activity from July but remain 44% below August 2019 levels
• Likewise, starts were initiated on 3.4% of serious delinquencies; up slightly from July but still less than half the rate seen in the years leading up to the pandemic
• Prepays (SMM) edged up 1.5% for the month, due to calendar-related effects, but are still down by 69% year-over-year as rising rates continue to put downward pressure on both purchase and refinance lending

JACKSONVILLE, Fla., Sept. 23, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at August 2022 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): 2.79%
Month-over-month change: -3.61%
Year-over-year change: -30.26%

Total U.S. foreclosure pre-sale inventory rate: 0.35%
Month-over-month change: -0.01%
Year-over-year change: 29.23%

Total U.S. foreclosure starts: 20,300
Month-over-month change: 14.69%
Year-over-year change: 185.92%

Monthly prepayment rate (SMM): 0.67%
Month-over-month change: 1.51%
Year-over-year change: -69.48%

Foreclosure sales as % of 90+: 0.53%
Month-over-month change: 1.83%
Year-over-year change: 173.93%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,489,000
Month-over-month change: -54,000
Year-over-year change: -633,000

Number of properties that are 90 or more days past due, but not in foreclosure: 567,000
Month-over-month change: -27,000
Year-over-year change: -772,000

Number of properties in foreclosure pre-sale inventory: 185,000
Month-over-month change: 1,000
Year-over-year change: 43,000

Number of properties that are 30 or more days past due or in foreclosure: 1,674,000
Month-over-month change: -54,000
Year-over-year change: -590,000

Top 5 States by Non-Current* Percentage

Bottom 5 States by Non-Current* Percentage

Top 5 States by 90+ Days Delinquent Percentage

Top 5 States by 6-Month Change in Non-Current* Percentage

Bottom 5 States by 6-Month in Non-Current* Percentage

*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 Oct. 3, 2022. For more information about gaining access to Black Knight's loan-level database, please send an email to [email protected].

Black Knight, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

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SOURCE Black Knight, Inc.