Wednesday, June 22, 2016

Black Knight's First Look at May Mortgage Data; Foreclosure Inventory down 29% YoY

by Bill McBride on 6/22/2016 11:55:00 AM

From Black Knight: Black Knight Financial Services’ First Look at May 2016

• Foreclosure inventory now below 575,000 from over 800,000 just 12 months ago

• Foreclosure starts up from 10-year low in April, but at 62,100 remain below pre-crisis levels

• Prepayment speeds (historically a good indicator of refinance activity) continue to trail 2015 levels despite interest rates being lower than last year

• Delinquencies inched up in May; still down by over 13 percent on an annual basis
According to Black Knight's First Look report for May, the percent of loans delinquent increased 0.4% in May compared to April, and declined 13.5% year-over-year.

The percent of loans in the foreclosure process declined 3.6% in May and were down 28.8% 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 4.25% in May, up from 4.24% in April.

The percent of loans in the foreclosure process declined in May to 1.13%.

The number of delinquent properties, but not in foreclosure, is down 325,000 properties year-over-year, and the number of properties in the foreclosure process is down 229,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for May by July 11th.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  May
2016
Apr
2016
May
2015
May
2014
Delinquent4.25%4.24%4.91%5.63%
In Foreclosure1.13%1.17%1.59%2.03%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,153,0002,146,0002,478,0002,836,000
Number of properties in foreclosure pre-sale inventory:574,000595,000803,0001,022,000
Total Properties2,727,0002,741,0003,280,0003,857,000