Black Knight's First Look at July Mortgage Performance Data: Foreclosure Inventory Hits Lowest Level in 15 Months, While Serious Delinquencies Continue to Decline
- Delinquency rate remains near record lows
- Serious delinquencies at lowest level since before financial crisis
- Foreclosure starts and sales below pre-pandemic levels
- Prepayment activity decreased
- While the national delinquency rate edged up 9 basis points in July to
3.21% , it was down 12 basis points year over year and remains within 12 basis points of March's record low - Meanwhile, serious delinquencies (90+ days past due) continued to improve, falling to 468K – the lowest level seen since the pre-Great Financial Crisis housing market peak and down 161K (-
26% ) from July 2022 - 30-day delinquencies rose by 35K in the month, with 60-day delinquencies rising by 17K (
6.4% ) – while those 90+ days past due fell by 3K (-0.6% ) - Loans in active foreclosure fell to 220K – the fewest since just after the end of federal foreclosure moratoria – and remain down 63K (-
22% ) from February 2020, prior to the pandemic - July's 26.3K foreclosure starts were
4% below the average number of such actions over the preceding 12 months and remain39% below pre-pandemic levels - Foreclosure starts equated to
5.6% of 90+ day delinquencies – still more than three percentage points below pre-pandemic foreclosure referral rates – while July's 6.1K foreclosure sales (completions) nationally were down11% from June - Prepayment activity fell under easing seasonal home buying pressure along with interest rates briefly rising above
7% and ending July at6.88% , with prepayments still down28% from July 2022
Total
Month-over-month change:
Year-over-year change: -
Total
Month-over-month change: -
Year-over-year change: -
Total
Month-over-month change -
Year-over-year change:
Monthly prepayment rate (SMM):
Month-over-month change: -
Year-over-year change: -
Foreclosure sales: 6,100
Month-over-month change: -
Year-over-year change: -
Number of properties that are 30 or more days past due, but not in foreclosure: 1,700,000
Month-over-month change: 49,000
Year-over-year change: -39,000
Number of properties that are 90 or more days past due, but not in foreclosure: 468,000
Month-over-month change: -3,000
Year-over-year change: -161,000
Number of properties in foreclosure pre-sale inventory: 220,000
Month-over-month change: -4,000
Year-over-year change: -4,000
Number of properties that are 30 or more days past due or in foreclosure: 1,919,000
Month-over-month change: 45,000
Year-over-year change: -43,000
Top 5 States by Non-Current* Percentage
Mississippi: | 7.65 % |
Louisiana: | 7.12 % |
Alabama: | 5.41 % |
Pennsylvania: | 4.97 % |
Indiana: | 4.94 % |
Bottom 5 States by Non-Current* Percentage
Oregon: | 2.16 % |
Idaho: | 2.09 % |
Montana: | 2.04 % |
Washington: | 2.03 % |
Colorado: | 1.95 % |
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: | 2.17 % |
Louisiana: | 1.78 % |
Alabama: | 1.49 % |
Arkansas: | 1.27 % |
Georgia: | 1.22 % |
Top 5 States by 12-Month Change in Non-Current* Percentage
Alaska: | -25.48 % |
Vermont: | -14.14 % |
Connecticut: | -13.20 % |
North Dakota: | -11.79 % |
New York: | -11.03 % |
Bottom 5 States by 12-Month Change in Non-Current* Percentage
Idaho: | 10.68 % |
Arizona: | 3.63 % |
South Dakota: | 3.48 % |
Utah: | 1.90 % |
Michigan: | 1.79 % |
*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 and sales, which are rounded to the nearest hundred.
The company will provide a more in-depth review of this data and much more in its monthly Mortgage Monitor report, which includes an analysis of multiple data sources supplemented by detailed charts and graphs that reflect trend and point-in-time observations on the real estate and housing finance markets. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by Sept. 6, 2023.
For more information about gaining access to Black Knight's loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
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 serving their customers. For more information on Black Knight, please visit www.blackknightinc.com/.
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Michelle Kersch | Mitch Cohen |
904.854.5043 | 704.890.8158 |
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