Monday, February 22, 2016

Black Knight's First Look at January Mortgage Data

by Bill McBride on 2/22/2016 09:01:00 AM

From Black Knight: Black Knight Financial Services’ First Look at January Mortgage Data: Delinquencies Up Sharply; Prepayment Rate Drops

- Delinquency rate up 6.6 percent in January; back above 5 percent nationally for the first time in 11 months

- Prepayment rate (historically a good indicator of refinance activity) dropped 29 percent to its lowest level since February 2014

- Foreclosure sales (completions) up nearly 16 percent following holiday moratoriums

- Active foreclosure inventory continues to decline; down 26 percent from last year
According to Black Knight's First Look report for January, the percent of loans delinquent increased 6.6% in January compared to December, and declined 7.1% year-over-year.

The percent of loans in the foreclosure process declined 4.5% in December and were down 25.7% 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 5.09% in January, down from 4.79% in December.

The percent of loans in the foreclosure process declined in January to 1.30%.

The number of delinquent properties, but not in foreclosure, is down 229,000 properties year-over-year, and the number of properties in the foreclosure process is down 226,000 properties year-over-year.

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

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Jan
2016
Dec
2015
Jan
2015
Jan
2014
Delinquent5.09%4.78%5.48%6.25%
In Foreclosure1.30%1.37%1.76%2.41%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,575,0002,408,0002,764,0003,150,000
Number of properties in foreclosure pre-sale inventory:659,000689,000885,0001,213,000
Total Properties3,234,0003,097,0003,649,0004,363,000