Black Knight's First Look: July Prepayment Activity Hits Highest Level Since 2016; Mortgage Delinquencies See Strong Recovery from June Spike
- Prepayment activity jumped 26% from June to its highest level in nearly three years and 58% above this time last year as falling interest rates continue to fuel refinance incentive
- The national delinquency rate fell by 7% in July, offsetting the bulk of June's calendar-related spike
- At 3.46%, July 2019's delinquency rate is the lowest of any July on record (dating back to 2000)
- Both serious delinquencies (-11,000) and active foreclosure inventory (-1,000) fell as well
- Serious delinquencies (all loans 90 or more days delinquent but not in active foreclosure) fell below 445,000 for the first time since June 2006
JACKSONVILLE, Fla., Aug. 22, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at July 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): 3.46% Month-over-month change: -7.27%
Year-over-year change: -4.25%
Total U.S. foreclosure pre-sale inventory rate: 0.49%
Month-over-month change: -0.49%
Year-over-year change: -13.20%
Total U.S. foreclosure starts: 39,200
Month-over-month change: -2.24%
Year-over-year change: -18.84%
Monthly prepayment rate (SMM): 1.43%
Month-over-month change: 25.71%
Year-over-year change: 58.40%
Foreclosure sales as % of 90+: 1.75%
Month-over-month change: -0.65%
Year-over-year change: 2.65%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,807,000
Month-over-month change: -143,000
Year-over-year change: -54,000
Number of properties that are 90 or more days past due, but not in foreclosure: 444,000
Month-over-month change: -11,000
Year-over-year change: -84,000
Number of properties in foreclosure pre-sale inventory: 258,000
Month-over-month change: -1,000
Year-over-year change: -35,000
Number of properties that are 30 or more days past due or in foreclosure: 2,065,000
Month-over-month change: -144,000
Year-over-year change: -89,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
10.36% |
Louisiana: |
7.82% |
Alabama: |
6.80% |
West Virginia: |
6.35% |
Arkansas: |
5.96% |
Bottom 5 States by Non-Current* Percentage |
|
California: |
2.11% |
Idaho: |
2.10% |
Washington: |
1.97% |
Oregon: |
1.92% |
Colorado: |
1.82% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
3.14% |
Alabama: |
1.91% |
Louisiana: |
1.88% |
Arkansas: |
1.74% |
West Virginia: |
1.28% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
District of Columbia: |
-33.55% |
Illinois: |
-16.51% |
California: |
-14.43% |
Hawaii: |
-11.89% |
Florida: |
-11.63% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
Montana: |
3.43% |
South Dakota: |
2.68% |
Mississippi: |
2.52% |
Alabama: |
0.68% |
Utah: |
0.57% |
*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. 9, 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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