Tuesday, May 24, 2016

Black Knight's First Look at April Mortgage Data: Lowest Number of Foreclosure Starts in 10 Years

by Bill McBride on 5/24/2016 08:09:00 AM

From Black Knight: Black Knight Financial Services’ First Look at April Mortgage Data: Lowest Number of Foreclosure Starts in 10 Years; Prepay Activity Falls Despite Low Rates

• At 58,700, April 2016 saw the lowest number of foreclosure starts since April 2006

• National delinquency rate is up from a 9-year low in March, but still 10 percent below last year’s level

• Prepayment speeds (historically a good indicator of refinance activity) fell in April, despite interest rates being near 3-year lows

• Active foreclosure inventory has now dropped below 600,000 for the first time since 2007
According to Black Knight's First Look report for April, the percent of loans delinquent increased 3.8% in April compared to March, and declined 10.3% year-over-year.

The percent of loans in the foreclosure process declined 5.9% in April and were down 27.8% 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 4.24% in April, up from 4.08% in Maarch.

The percent of loans in the foreclosure process declined in April 1.17%.

The number of delinquent properties, but not in foreclosure, is down 235,000 properties year-over-year, and the number of properties in the foreclosure process is down 225,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for April on June 6th.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Apr
2016
Mar
2016
Apr
2015
Apr
2014
Delinquent4.24%4.08%4.72%5.59%
In Foreclosure1.17%1.25%1.63%2.11%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,146,0002,062,0002,381,0002,813,000
Number of properties in foreclosure pre-sale inventory:595,000631,000820,0001,064,000
Total Properties2,741,0002,693,0003,201,0003,877,000