Black Knight's First Look: Seasonal, Calendar and Hurricane-Related Pressures Result in Largest Single-Month Mortgage Delinquency Increase in Nearly a Decade
-- Mortgage delinquencies rose more than 13 percent in September, the largest single-month rise since November 2008
-- 16 of the last 19 Septembers have seen delinquencies increase, averaging a 5.2 percent rise over that time frame, the largest of any month during the calendar year
-- September 2018 also ended on a Sunday, which typically creates strong upward pressure on delinquencies
-- Hurricane Florence-related delinquencies spiked 38 percent month-over-month, with more than 6,000 borrowers already missing a payment as a direct result of the storm
-- Foreclosure starts posted a double-digit monthly decline, hitting a nearly 18-year low at just 40,000 for the month
-- Both the inventory of loans in active foreclosure and the foreclosure rate have now fallen below their pre-recession averages for the first time since the financial crisis
-- In the face of rising interest rates and affordability pressures, monthly prepayment activity -- now primarily driven by housing turnover -- fell by nearly 25 percent from August
JACKSONVILLE, Fla., Oct. 24, 2018 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at September 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): 3.97%
Month-over-month change: 13.22%
Year-over-year change: -9.77%
Total U.S. foreclosure pre-sale inventory rate: 0.52%
Month-over-month change: -4.45%
Year-over-year change: -26.00%
Total U.S. foreclosure starts: 40,000
Month-over-month change: -15.07%
Year-over-year change: -11.50%
Monthly prepayment rate (SMM): 0.70%
Month-over-month change: -24.46%
Year-over-year change: -26.65%
Foreclosure sales as % of 90+: 1.53%
Month-over-month change: -21.24%
Year-over-year change: -12.82%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,049,000
Month-over-month change: 240,000
Year-over-year change: -196,000
Number of properties that are 90 or more days past due, but not in foreclosure: 513,000
Month-over-month change: 7,000
Year-over-year change: -63,000
Number of properties in foreclosure pre-sale inventory: 268,000
Month-over-month change: -13,000
Year-over-year change: -90,000
Number of properties that are 30 or more days past due or in foreclosure: 2,317,000
Month-over-month change: 228,000
Year-over-year change: -286,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
10.33% |
Louisiana: |
8.19% |
Alabama: |
7.14% |
West Virginia: |
6.80% |
Arkansas: |
6.32% |
Bottom 5 States by Non-Current* Percentage |
|
North Dakota: |
2.53% |
Idaho: |
2.47% |
Washington: |
2.45% |
Oregon: |
2.24% |
Colorado: |
2.01% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
2.94% |
Louisiana: |
2.06% |
Alabama: |
1.89% |
Arkansas: |
1.77% |
Rhode Island: |
1.38% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
Florida: |
-29.62% |
Texas: |
-5.08% |
New Jersey: |
-1.53% |
District of Columbia: |
-0.52% |
Nevada: |
0.58% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
Nebraska: |
32.64% |
Minnesota: |
22.59% |
Iowa: |
20.55% |
North Carolina: |
19.37% |
South Dakota: |
17.22% |
*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 Nov. 5, 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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