by Bill McBride on 4/22/2016 09:10:00 AM
Friday, April 22, 2016
• National delinquency rate fell 8 percent in March; at 4.08 percent, it is at its lowest point since March 2007According to Black Knight's First Look report for March, the percent of loans delinquent decreased 8.4% in March compared to February, and declined 12.4% year-over-year.
• At just under 2 percent, the rate of 30-day delinquencies is at lowest level in over 15 years
• Spurred by declining interest rates, prepayment speeds (historically a good indicator of refinance activity) were up 46 percent from one month ago
• Foreclosure starts were down 14 percent from February; still driven primarily by repeat foreclosure activity
The percent of loans in the foreclosure process declined 3.7% in March and were down 25.6% 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 4.08% in March, down from 4.48% in February. This is the lowest delinquency rate since March 2007.
The percent of loans in the foreclosure process declined in March to 1.25%.
The number of delinquent properties, but not in foreclosure, is down 287,000 properties year-over-year, and the number of properties in the foreclosure process is down 215,000 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|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||2,062,000||2,252,000||2,349,000||2,766,000|
|Number of properties in foreclosure pre-sale inventory:||631,000||655,000||846,000||1,112,000|
Posted by Bill McBride on 4/22/2016 09:10:00 AM