Black Knight's First Look: Past-Due Mortgages Increase by 1.6 Million in April, Largest Single-Month Increase Ever Recorded; Delinquency Rate Nearly Doubles
- 3.6 million homeowners were past due on their mortgages as of the end of April, the largest number since January 2015
- The number includes both homeowners past due on mortgage payments who are not in forbearance, as well as those in forbearance plans who did not make an April mortgage payment
- At 6.45%, the national delinquency rate nearly doubled (+3.06%) from March, the largest single-month increase ever recorded, and nearly three times the previous single-month record set back in late 2008
- Delinquency increases in Nevada (+5.2%), New Jersey (+5.1%), and New York (+4.9%) led the states, while Miami (+7.2%), Las Vegas (+6.2%) and New York City (+5.4%) topped the 100 largest metro areas
- There were declines in cure activity among later-stage delinquencies as well, with the number of seriously delinquent mortgages (90+ days) increasing by 56,000 (+14%) from March
- Both foreclosure starts and foreclosure sales hit record lows in April as moratoriums halted foreclosure activity across the country
- Prepayment speeds jumped 23% from March to hit the highest monthly prepayment rate in 16 years
JACKSONVILLE, Fla., May 21, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at April 2020 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): 6.45% Month-over-month change: 90.22% Year-over-year change: 85.82%
Total U.S. foreclosure pre-sale inventory rate: 0.40% Month-over-month change: -3.81% Year-over-year change: -19.29%
Total U.S. foreclosure starts: 7,400 Month-over-month change: -73.19% Year-over-year change: -82.13%
Foreclosure sales as % of 90+: 0.11% Month-over-month change: -89.56% Year-over-year change: -93.47%
Number of properties that are 30 or more days past due, but not in foreclosure: 3,400,000 Month-over-month change: 1,608,000 Year-over-year change: 1,588,000
Number of properties that are 90 or more days past due, but not in foreclosure: 462,000 Month-over-month change: 56,000 Year-over-year change: -12,000
Number of properties in foreclosure pre-sale inventory: 211,000 Month-over-month change: -9,000 Year-over-year change: -48,000
Number of properties that are 30 or more days past due or in foreclosure: 3,612,000 Month-over-month change: 1,599,000 Year-over-year change: 1,540,000
Top 5 States by Non-Current* Percentage Mississippi: 11.90% Louisiana: 10.91% New York: 9.79% New Jersey: 9.36% Connecticut: 8.94%
Bottom 5 States by Non-Current* Percentage Oregon: 4.05% South Dakota: 3.97% North Dakota: 3.92% Washington: 3.91% Idaho: 3.53%
Top 5 States by 90+ Days Delinquent Percentage Mississippi: 2.71% Louisiana: 1.83% Alabama: 1.74% Arkansas: 1.52% Georgia: 1.27%
Top 5 States by 6-Month Improvement in Non-Current* Percentage Arkansas: 13.73% West Virginia: 16.70% Mississippi: 16.93% Iowa: 18.28% Indiana: 20.75%
Top 5 States by 6-Month Deterioration in Non-Current* Percentage Alaska: 187.96% California: 185.64% Nevada: 182.04% Colorado: 141.83% Hawaii: 126.53%
*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 thousands, except foreclosure starts, which are rounded to the nearest hundred.
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 June 8, 2020.
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.