Black Knight's First Look: Prepayments Rebound from All-Time Low; Overall Mortgage Delinquencies Inch Up As 30-Days Late Payments Rise
Black Knight, Inc. (NYSE:BKI) released its February 2023 mortgage performance statistics, revealing a rise in the national mortgage delinquency rate to 3.45%, up 7 basis points from January, while remaining down 12.6% year-over-year. The month also saw a 36K increase in overall delinquencies driven by a rise in 30-day delinquencies, but 90-day delinquencies decreased by 17K.
Prepayment activity slightly increased to 0.35%, ending a four-month low. Additionally, foreclosure starts fell by 9% to 29K, still 19% below pre-pandemic levels. Active foreclosure inventory rose by 34K from February 2022, indicating ongoing challenges in the market.
- Prepayment activity rose to 0.35%, indicating a potential recovery in mortgage refinancing.
- 90-day delinquency rates fell by 17K (-3.0%), suggesting improved payment behavior among borrowers.
- Foreclosure starts decreased by 9% to 29K, breaking a previous streak of increases.
- The national mortgage delinquency rate increased 7 basis points compared to January.
- A 36K rise in overall delinquencies signals a concerning trend in mortgage payments.
- Active foreclosure inventory is still 15% below pre-pandemic levels, indicating ongoing market stress.
- The national mortgage delinquency rate increased 7 basis points in February to
3.45% , but remains down12.6% year over year - Prepayment activity (SMM) inched up to
0.35% -- breaking a four-month streak of record lows, with relief likely to extend as the spring homebuying season takes hold - A 36K rise in overall delinquencies was driven by a nearly 65K increase in those just a single payment behind, while 60-day delinquencies fell by nearly 12K (-
4.0% ) and 90-day delinquencies fell by 17K (-3.0% ) - 45 states saw their serious delinquency volumes (90+ days past due) improve in February
- Foreclosure starts decreased by
9% in the month to 29K, breaking a streak of increases, with starts remaining19% below pre-pandemic levels - Foreclosure starts equated to
5.1% of serious delinquencies in February, down from January and still25% below the start rate seen in February 2020 prior to the pandemic - Active foreclosure inventory rose marginally (+2K) in the month, and is up 34K (+
15% ) from February 2022 despite remaining15% below its pre-pandemic level - February saw 7.1K foreclosure sales (completions) nationally, up
2.5% from the month prior
JACKSONVILLE, Fla., March 23, 2023 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at February 2023 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: 29,000
Month-over-month change: -
Year-over-year change: -
Monthly prepayment rate (SMM):
Month-over-month change:
Year-over-year change: -
Foreclosure sales: 7,100
Month-over-month change:
Year-over-year change:
Number of properties that are 30 or more days past due, but not in foreclosure: 1,811,000
Month-over-month change: 36,000
Year-over-year change: -235,000
Number of properties that are 90 or more days past due, but not in foreclosure: 562,000
Month-over-month change: -17,000
Year-over-year change: -383,000
Number of properties in foreclosure pre-sale inventory: 240,000
Month-over-month change: 2,000
Year-over-year change: 34,000
Number of properties that are 30 or more days past due or in foreclosure: 2,050,000
Month-over-month change: 38,000
Year-over-year change: -200,000
Top 5 States by Non-Current* Percentage
Mississippi: | 7.94 % |
Louisiana: | 7.65 % |
Alabama: | 5.80 % |
Arkansas | 5.21 % |
West Virginia: | 5.20 % |
Bottom 5 States by Non-Current* Percentage
California: | 2.32 % |
Montana: | 2.26 % |
Idaho: | 2.16 % |
Colorado: | 2.10 % |
Washington: | 2.05 % |
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: | 2.54 % |
Louisiana: | 2.22 % |
Alabama: | 1.75 % |
Arkansas: | 1.57 % |
Georgia: | 1.40 % |
Top 5 States by 12-Month Change in Non-Current* Percentage
Alaska: | -24.05 % |
Vermont: | -22.36 % |
Connecticut: | -19.93 % |
New York: | -19.12 % |
District of Columbia: | -17.34 % |
Bottom 5 States by 12-Month Change in Non-Current* Percentage
South Dakota: | -1.41 % |
Florida: | -2.58 % |
Idaho: | -2.59 % |
Michigan: | -3.60 % |
Utah: | -3.75 % |
*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 April 3, 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 serve 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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SOURCE Black Knight, Inc.
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