Tuesday, October 25, 2016

Black Knight: Mortgage "Foreclosure Rate Falls to Nine-Year Low" in September

by Bill McBride on 10/25/2016 07:01:00 AM

From Black Knight: Black Knight’s First Look at September Mortgage Data: Post-‘Brexit’ Prepay Activity Remains Strong; Foreclosure Rate Falls to Nine-Year Low

• Despite declining from August, September saw the third highest prepayment rate in three years

  • September’s less-than-one-percent seasonal increase in the delinquency rate was relatively mild by historical standards

  • At one percent, the rate of all mortgages that are in active foreclosure fell to its lowest point in nine years

  • Non-current mortgage rates continue to struggle in oil states, with Alaska and Wyoming seeing the largest increases over the past six months
According to Black Knight's First Look report for September, the percent of loans delinquent increased slightly in September compared to August, and declined 12.2% year-over-year.

The percent of loans in the foreclosure process declined 3.4% in September and were down 31.2% 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 4.27% in September, up from 4.24% in August.

The percent of loans in the foreclosure process declined in September to 1.00%.

The number of delinquent properties, but not in foreclosure, is down 292,000 properties year-over-year, and the number of properties in the foreclosure process is down 228,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for September on November 7th.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Sept
2016
Aug
2016
Sept
2015
Sept
2014
Delinquent4.27%4.24%4.87%5.66%
In Foreclosure1.00%1.04%1.46%1.89%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,165,0002,151,0002,457,0002,849,000
Number of properties in foreclosure pre-sale inventory:509,000527,000737,000951,000
Total Properties2,674,0002,678,0003,194,0003,800,000