Black Knight's First Look: Past-Due Mortgages Fall to Third Consecutive Record Low in May; Serious Delinquencies, Foreclosure Starts See Continued Improvement
In May 2022, the national loan delinquency rate decreased to 2.75%, marking the third consecutive month of declines. Early-stage delinquencies rose slightly by 0.2%, while serious delinquencies fell by 7%. Foreclosure starts decreased by 12% compared to April, and remain below pre-pandemic levels. However, serious delinquencies are still 45% above pre-pandemic levels. Prepayment activity saw a significant drop of 11.1% month-over-month, contributing to a year-over-year decrease of 59.1% attributable to rising interest rates.
- National delinquency rate fell to 2.75%, a record low.
- Serious delinquencies improved, falling 7% from April.
- Foreclosure starts decreased by 12% from April.
- Serious delinquencies remain 45% above pre-pandemic levels.
- Prepayment activity fell 11.1% month-over-month, down 59.1% year-over-year.
- The national delinquency rate fell five basis points from April to
2.75% in May, continuing the downward trend in overall delinquencies of the prior two months and marking yet another new low - Following typical seasonal patterns, early-stage delinquencies - borrowers who have missed a single mortgage payment - edged marginally higher (+
0.2% ) month over month - While serious delinquencies saw strong improvement – falling
7% from April – the population of such loans (those 90 or more days past due but not yet in foreclosure) remains45% above pre-pandemic levels - Despite elevated serious delinquency levels, foreclosure starts dropped
12% from April and continue to hold well below pre-pandemic levels while active foreclosures edged slightly higher - Prepayment activity fell by
11.1% from the prior month and is now down59.1% year over year on sharply higher interest rates
JACKSONVILLE, Fla., June 24, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at May 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: 18,800
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: 1,461,000
Month-over-month change: -35,000
Year-over-year change: -1,050,000
Number of properties that are 90 or more days past due, but not in foreclosure: 595,000
Month-over-month change: -45,000
Year-over-year change: -1,074,000
Number of properties in foreclosure pre-sale inventory: 174,000
Month-over-month change: 1,000
Year-over-year change: 26,000
Number of properties that are 30 or more days past due or in foreclosure: 1,635,000
Month-over-month change: -34,000
Year-over-year change: -1,024,000
Top 5 States by Non-Current* Percentage | |
Mississippi: | 6.07 % |
Louisiana: | 5.43 % |
Alabama: | 4.48 % |
Oklahoma: | 4.45 % |
West Virginia: | 4.24 % |
Bottom 5 States by Non-Current* Percentage | |
Utah: | 1.92 % |
Colorado: | 1.80 % |
California: | 1.78 % |
Idaho: | 1.63 % |
Washington: | 1.61 % |
Top 5 States by 90+ Days Delinquent Percentage | |
Mississippi: | 2.35 % |
Louisiana: | 2.12 % |
Alabama: | 1.67 % |
Alaska: | 1.64 % |
Maryland: | 1.57 % |
Top 5 States by 6-Month Improvement in Non-Current* Percentage | |
Louisiana: | -31.66 % |
District of Columbia: | -31.55 % |
Nevada: | -27.85 % |
Hawaii: | -27.06 % |
Washington: | -26.69 % |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage | |
Maine: | -8.57 % |
Alaska: | -10.56 % |
Iowa: | -12.04 % |
New Hampshire: | -12.67 % |
Missouri: | -12.86 % |
*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 July 6, 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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