Monday, August 24, 2015

Black Knight's First Look at July: Foreclosure Inventory at Lowest Level Since 2007

by Bill McBride on 8/24/2015 07:01:00 AM

From Black Knight: Black Knight Financial Services' First Look at July Mortgage Data: Foreclosure Inventory Down 24 Percent Year-Over-Year; Lowest Level Since 2007

According to Black Knight's First Look report for July, the percent of loans delinquent decreased 2% in July compared to June, and declined 16.5% year-over-year.

The percent of loans in the foreclosure process declined 4% in July and were down 24% 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 4.71% in July, down from 4.82% in June.

The percent of loans in the foreclosure process declined in July to 1.40%.  This was the lowest level of foreclosure inventory since 2007.

The number of delinquent properties, but not in foreclosure, is down 460,000 properties year-over-year, and the number of properties in the foreclosure process is down 224,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for July in early September.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  July
2015
June
2015
July
2014
July
2013
Delinquent4.71%4.82%5.64%6.41%
In Foreclosure1.40%1.46%1.85%2.82%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,503,0001,549,0001,7130001,846,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:886,000895,0001,136,0001,347,000
Number of properties in foreclosure pre-sale inventory:711,000739,000935,0001,406,000
Total Properties3,100,0003,183,0003,785,0004,599,000