Wednesday, February 25, 2015

Black Knight: Mortgage Delinquencies Declined in January

by Bill McBride on 2/25/2015 12:46:00 PM

According to Black Knight's First Look report for January, the percent of loans delinquent decreased 1% in January compared to December, and declined 11% year-over-year.

The percent of loans in the foreclosure process declined slightly in January and were down about 31% over the last year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 5.56% in January, down from 5.64% in December.  The normal rate for delinquencies is around 4.5% to 5%.

The percent of loans in the foreclosure process declined slightly in January and remained at 1.61%.

The number of delinquent properties, but not in foreclosure, is down 327,000 properties year-over-year, and the number of properties in the foreclosure process is down 360,000 properties year-over-year.

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

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Jan
2015
Dec
2014
Jan
2014
Jan
2013
Delinquent5.56%5.64%6.27%7.03%
In Foreclosure1.61%1.61%2.35%3.41%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,701,0001,736,0001,851,0001,974,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,112,0001,132,0001,289,0001,531,000
Number of properties in foreclosure pre-sale inventory:815,000820,0001,175,0001,703,000
Total Properties3,628,0003,688,0004,315,0005,208,000