Monday, March 23, 2015

Black Knight: Mortgage Delinquencies Declined in February, Lowest since August 2007

by Bill McBride on 3/23/2015 07:01:00 AM

According to Black Knight's First Look report for February, the percent of loans delinquent decreased 3.7% in February compared to January, and declined 10% year-over-year.

The percent of loans in the foreclosure process declined 2% in February and were down about 29% 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 5.36% in February, down from 5.56% in January.  The normal rate for delinquencies is around 4.5% to 5%.  This is the lowest level of delinquencies since August 2007.

The percent of loans in the foreclosure process declined in February to 1.58%.  This was the lowest level of foreclosure inventory since December 2007.

The number of delinquent properties, but not in foreclosure, is down 453,000 properties year-over-year, and the number of properties in the foreclosure process is down 315,000 properties year-over-year.

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

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Feb
2015
Jan
2015
Feb
2014
Feb
2013
Delinquent5.36%5.56%5.97%6.80%
In Foreclosure1.58%1.61%2.22%3.38%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,646,0001,701,0001,749,0001,927,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,067,0001,112,0001,242,0001,483,000
Number of properties in foreclosure pre-sale inventory:800,000815,0001,115,0001,694,000
Total Properties3,512,0003,628,0004,106,0005,104,000