Friday, November 21, 2014

Black Knight: Mortgage Delinquencies decreased in October, Lowest in Seven Years

by Bill McBride on 11/21/2014 07:31:00 AM

According to Black Knight's First Look report for October, the percent of loans delinquent decreased in October compared to September, and declined by 12% year-over-year.  Mortgage delinquencies are at the lowest level since November 2007.

Also the percent of loans in the foreclosure process declined further in October and were down 33% over the last year.  Foreclosure inventory was at the lowest level since February 2008.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 5.44% in October, down from 5.67% in September. The normal rate for delinquencies is around 4.5% to 5%.

The percent of loans in the foreclosure process declined to 1.69% in October from 1.76% in September.

The number of delinquent properties, but not in foreclosure, is down 393,000 properties year-over-year, and the number of properties in the foreclosure process is down 418,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for October in early December.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Oct
2014
Sept
2014
Oct
2013
Oct
2012
Delinquent5.44%5.67%6.28%7.40%
In Foreclosure1.69%1.76%2.54%3.87%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,658,0001,760,0001,869,0001,957,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,101,0001,118,0001,283,0001,543,000
Number of properties in foreclosure pre-sale inventory:858,000893,0001,276,0001,800,000
Total Properties3,617,0003,771,0004,427,0005,300,000