Black Knight's First Look: Strong Summer of Improvement for Mortgage Delinquencies; Industry Bracing for Impact from Hurricane Florence
- Mortgage delinquencies fell again in August and are now down 5.7 percent over the past two months
- This marks the strongest such decline during July-August on record, since before 2000
- Foreclosure starts also eased in August and are now more than 12 percent below last year's level
- Delinquencies resulting from 2017's hurricanes continue to decline - just 25,100 remain in the mainland U.S.
- Some 391,000 homeowners with mortgages were located in Hurricane Florence's evacuation area, with an estimated 283,000 in the 18 North Carolina counties declared disaster areas so far by FEMA
- If homeowners face similar per capita impacts to those seen from Hurricanes Harvey and Irma last year, it could result in thousands of mortgage holders falling behind on payments
JACKSONVILLE, Fla., Sept. 24, 2018 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at August 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): 3.52%
Month-over-month change: -2.43%
Year-over-year change: -10.39%
Total U.S. foreclosure pre-sale inventory rate: 0.54%
Month-over-month change: -4.41%
Year-over-year change: -28.17%
Total U.S. foreclosure starts: 48,000
Month-over-month change: -0.62%
Year-over-year change: -12.25%
Monthly prepayment rate (SMM): 0.92%
Month-over-month change: 1.92%
Year-over-year change: -18.66%
Foreclosure sales as % of 90+: 1.96%
Month-over-month change: 15.17%
Year-over-year change: -7.35%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,818,000
Month-over-month change: -43,000
Year-over-year change: -185,000
Number of properties that are 90 or more days past due, but not in foreclosure: 510,000
Month-over-month change: -18,000
Year-over-year change: -47,000
Number of properties in foreclosure pre-sale inventory: 280,000
Month-over-month change: -13,000
Year-over-year change: -105,000
Number of properties that are 30 or more days past due or in foreclosure: 2,099,000
Month-over-month change: -55,000
Year-over-year change: -290,000
Top 5 States by Non-Current* Percentage
Mississippi: |
9.61% |
Louisiana: |
7.52% |
Alabama: |
6.45% |
West Virginia: |
6.11% |
Arkansas: |
6.09% |
Bottom 5 States by Non-Current* Percentage
North Dakota: |
2.39% |
Washington: |
2.37% |
California: |
2.26% |
Oregon: |
2.23% |
Colorado: |
1.83% |
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: |
2.98% |
Louisiana: |
2.12% |
Alabama: |
1.89% |
Arkansas: |
1.85% |
Florida: |
1.45% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage
Florida: |
-42.02% |
Texas: |
-25.51% |
New Jersey: |
-21.47% |
District of Columbia: |
-20.26% |
California: |
-19.73% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Nebraska: |
2.06% |
Iowa: |
1.06% |
Minnesota: |
-2.29% |
Montana: |
-2.99% |
Arkansas: |
-3.42% |
*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. 8, 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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