Black Knight's First Look: Serious Delinquencies Improved in September for the First Time Since the Start of the Pandemic
- The number of seriously delinquent mortgages (90+ days) fell by 43,000 in September, marking the first such improvement in serious delinquencies since the start of the pandemic
- More than 2.3 million homeowners -- five times the number entering 2020 -- remain 90 or more days past due, but not in foreclosure
- The national delinquency rate fell in September to 6.66%, down from 6.88% the month prior
- Early-stage delinquencies continue to show strong improvement, with rolls from current to 30-days delinquent, as well as the number of borrowers less than 90 days delinquent, having returned to pre-pandemic levels
- Both foreclosure starts and foreclosure sales continue to remain muted given the widespread foreclosure moratoriums still in place
- After a slight pull back in August, prepayment activity jumped above 3% in September for the first time in more than 16 years, fueled by record low rates and an elongated home buying season
JACKSONVILLE, Fla., Oct. 22, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at September 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): 6.66%Month-over-month change: -3.10%
Year-over-year change: 89.03%
Total U.S. foreclosure pre-sale inventory rate: 0.34%
Month-over-month change: -2.86%
Year-over-year change: -29.14%
Total U.S. foreclosure starts: 4,500
Month-over-month change: -25.00%
Year-over-year change: -88.58%
Monthly Prepayment Rate (SMM): 3.04%
Month-over-month rate: 12.70%
Year-over-year change: 95.96%
Foreclosure Sales as % of 90+: 0.08%
Month-over-month change: 34.48%
Year-over-year change: -95.13%
Number of properties that are 30 or more days past due, but not in foreclosure: 3,542,000
Month-over-month change: -137,000
Year-over-year change: 1,688,000
Number of properties that are 90 or more days past due, but not in foreclosure: 2,323,000
Month-over-month change: -43,000
Year-over-year change: 1,880,000
Number of properties in foreclosure pre-sale inventory: 181,000
Month-over-month change: -6,000
Year-over-year change: -71,000
Number of properties that are 30 or more days past due or in foreclosure: 3,722,000
Month-over-month change: -145,000
Year-over-year change: 1,616,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
11.54% |
Louisiana: |
11.15% |
Hawaii: |
9.15% |
New York: |
8.92% |
Texas: |
8.76% |
Bottom 5 States by Non-Current* Percentage: |
|
Montana: |
4.55% |
Oregon: |
4.54% |
Colorado: |
4.41% |
Washington: |
4.25% |
Idaho: |
3.68% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
6.78% |
Louisiana: |
6.41% |
Alaska: |
6.16% |
Nevada: |
6.08% |
Hawaii: |
5.93% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
Mississippi: |
27.11% |
Alabama: |
38.23% |
West Virginia: |
41.90% |
Louisiana: |
47.87% |
Arkansas: |
48.36% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
Nevada: |
174.64% |
Hawaii: |
149.86% |
Colorado: |
146.81% |
Alaska: |
137.79% |
California: |
136.34% |
*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. |
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. 2, 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, 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.
For more information: |
|
Michelle Kersch |
Mitch Cohen |
904.854.5043 |
704.890.8158 |
SOURCE Black Knight, Inc.
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