Friday, April 24, 2015

Black Knight: Mortgage Delinquencies Declined in March, First time below 5% since August 2007

by Bill McBride on 4/24/2015 09:15:00 AM

According to Black Knight's First Look report for March, the percent of loans delinquent decreased 12% in March compared to February, and declined 15% year-over-year.

The percent of loans in the foreclosure process declined 2% in March and were down about 27% 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 4.70% in March, down from 5.36% in February.  This is the lowest level of delinquencies since August 2007.

The percent of loans in the foreclosure process declined in March to 1.55%.  This was the lowest level of foreclosure inventory since December 2007.

The number of delinquent properties, but not in foreclosure, is down 390,000 properties year-over-year, and the number of properties in the foreclosure process is down 288,000 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
  Mar
2015
Feb
2015
Mar
2014
Mar
2013
Delinquent4.70%5.36%5.52%6.59%
In Foreclosure1.55%1.58%2.13%3.38%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,409,0001,646,0001,571,0001,842,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:971,0001,067,0001,199,0001,466,000
Number of properties in foreclosure pre-sale inventory:782,000800,0001,070,0001,689,000
Total Properties3,162,0003,512,0003,840,0004,997,000