Black Knight: Mortgage Delinquencies Near Record Low in August; Foreclosure Starts Up 15% from July, Still More Than 40% Below Pre-Pandemic Levels
Black Knight, Inc. (NYSE: BKI) reports that the national loan delinquency rate fell to 2.79% in August, reflecting a 3.6% decrease from July and remaining just above the record low set in May 2022. The number of borrowers 30 days past due decreased by 4%, while serious delinquencies saw a 4.5% decline. However, foreclosure starts increased by 15% compared to July, totaling 20,300, though this remains 44% below August 2019 levels. Prepayment rates edged up 1.5% month-over-month but remain significantly down by 69% year-over-year due to rising interest rates.
- National loan delinquency rate decreased to 2.79%, down 3.6% from July.
- The number of borrowers 30 days past due fell by 54,000 month-over-month.
- 4.5% decrease in borrowers 90 days past due, down 27,000 from July.
- Cure activity improved with 62,000 delinquent loans curing to current status.
- Foreclosure starts increased 15% from July, totaling 20,300.
- Prepayment rates down by 69% year-over-year due to rising rates.
- The national delinquency rate fell
3.6% in August to2.79% , just 4 BPS above May 2022's record low - Improvement was broad based, with the number of borrowers a single payment past due falling by
4% and those 90 or more days delinquent down4.5% - After dropping steadily over recent months, cure activity also improved in August, with 62K seriously delinquent loans curing to current status, up from 58K in July
- The month's 20.3K foreclosure starts represent a
15% jump in activity from July but remain44% below August 2019 levels - Likewise, starts were initiated on
3.4% of serious delinquencies; up slightly from July but still less than half the rate seen in the years leading up to the pandemic - Prepays (SMM) edged up
1.5% for the month, due to calendar-related effects, but are still down by69% year-over-year as rising rates continue to put downward pressure on both purchase and refinance lending
JACKSONVILLE, Fla., Sept. 23, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at August 2022 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):
Month-over-month change: -
Year-over-year change: -
Total U.S. foreclosure pre-sale inventory rate:
Month-over-month change: -
Year-over-year change:
Total U.S. foreclosure starts: 20,300
Month-over-month change:
Year-over-year change:
Monthly prepayment rate (SMM):
Month-over-month change:
Year-over-year change: -
Foreclosure sales as % of 90+:
Month-over-month change:
Year-over-year change:
Number of properties that are 30 or more days past due, but not in foreclosure: 1,489,000
Month-over-month change: -54,000
Year-over-year change: -633,000
Number of properties that are 90 or more days past due, but not in foreclosure: 567,000
Month-over-month change: -27,000
Year-over-year change: -772,000
Number of properties in foreclosure pre-sale inventory: 185,000
Month-over-month change: 1,000
Year-over-year change: 43,000
Number of properties that are 30 or more days past due or in foreclosure: 1,674,000
Month-over-month change: -54,000
Year-over-year change: -590,000
Top 5 States by Non-Current* Percentage
Mississippi: | 6.28 % |
Louisiana: | 5.63 % |
Oklahoma: | 4.71 % |
Alabama: | 4.62 % |
West Virginia: | 4.43 % |
Bottom 5 States by Non-Current* Percentage
Oregon: | 1.98 % |
California: | 1.81 % |
Colorado: | 1.77 % |
Idaho: | 1.72 % |
Washington: | 1.70 % |
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: | 2.37 % |
Louisiana: | 2.02 % |
Alaska: | 1.72 % |
Alabama: | 1.68 % |
Arkansas: | 1.55 % |
Top 5 States by 6-Month Change in Non-Current* Percentage
Hawaii: | -27.50 % |
Vermont: | -26.11 % |
New York: | -22.48 % |
California: | -21.75 % |
Utah: | -20.52 % |
Bottom 5 States by 6-Month in Non-Current* Percentage
Iowa: | -4.32 % |
South Dakota: | -6.19 % |
Illinois: | -7.77 % |
Alaska: | -8.34 % |
Oklahoma: | -8.43 % |
*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. 3, 2022. For more information about gaining access to Black Knight's loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
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 |
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SOURCE Black Knight, Inc.
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