Thursday, May 22, 2014

Black Knight: Mortgage Loans in Foreclosure Process Lowest since September 2008

by Bill McBride on 5/22/2014 12:02:00 AM

According to Black Knight's First Look report for April, the percent of loans delinquent increased seasonally in April compared to March, but declined by 9.5% year-over-year.

Also the percent of loans in the foreclosure process declined further in April and were down 36% over the last year.  Foreclosure inventory was at the lowest level since September 2008.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) increased to 5.62% in April from 5.52% in March. The normal rate for delinquencies is around 4.5% to 5%. The increase in delinquencies was in the 'less than 90 days' bucket.

The percent of loans in the foreclosure process declined to 2.02% in April from 2.13% in March.  

The number of delinquent properties, but not in foreclosure, is down 207,000 properties year-over-year, and the number of properties in the foreclosure process is down 572,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for March in early May.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
 April 2014March
2014
April 2013
Delinquent5.62%5.52%6.21%
In Foreclosure2.02%2.13%3.17%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,634,0001,571,0001,717,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,187,0001,199,0001,394,000
Number of properties in foreclosure pre-sale inventory:1,016,0001,070,0001,588,000
Total Properties3,837,0003,840,0004,699,000

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