by Bill McBride on 2/23/2017 07:00:00 AM
Thursday, February 23, 2017
• Prepayment speeds (historically a good indicator of refinance activity) declined by 30 percent in January to the lowest level since February 2016According to Black Knight's First Look report for January, the percent of loans delinquent decreased 3.9% in January compared to December, and declined 16.6% year-over-year.
• Delinquencies improved by 3.9 percent from December and were down 17 percent from January 2016
• Foreclosure starts rose 18 percent for the month; January’s 70,400 starts were the most since March 2016
• 2.6 million borrowers are behind on mortgage payments, the lowest number since August 2006, immediately following the pre-crisis national peak in home prices
The percent of loans in the foreclosure process declined 0.5% in January and were down 27.6% 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 4.25% in January, down from 4.42% in December.
The percent of loans in the foreclosure process declined in January to 0.94%.
The number of delinquent properties, but not in foreclosure, is down 413,000 properties year-over-year, and the number of properties in the foreclosure process is down 178,000 properties year-over-year.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||2,162,000||2,248,000||2,575,000||2,764,000|
|Number of properties in foreclosure pre-sale inventory:||481,000||483,000||659,000||885,000|
Posted by Bill McBride on 2/23/2017 07:00:00 AM