Thursday, August 24, 2017

Black Knight: Foreclosure inventory below 400,000 for the first time since February 2007

by Bill McBride on 8/24/2017 04:20:00 PM

CR Note: The month-to-month increase in delinquencies is mostly seasonal (happens every July).

From Black Knight: Black Knight Financial Services’ First Look at July 2017 Mortgage Data

• Foreclosure inventory fell by 12,000 in July, bringing the total below 400,000 for the first time since February 2007

• Active foreclosure inventory has declined by 28 percent (more than 150,000) over the past 12 months

• July’s 53,300 foreclosure starts mark the second lowest (next to April 2017) monthly volume since the start of 2005

• Early-stage mortgage delinquencies experienced a slight seasonal uptick in July
According to Black Knight's First Look report for July, the percent of loans delinquent increased 2.8% in July compared to June, and declined 13.5% year-over-year.

The percent of loans in the foreclosure process declined 3.0% in July and were down 28.0% 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 3.90% in July, up from 3.80% in June.

The percent of loans in the foreclosure process declined in July to 0.78%.

The number of delinquent properties, but not in foreclosure, is down 300,000 properties year-over-year, and the number of properties in the foreclosure process is down 152,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  July
2017
June
2017
July
2016
July
2015
Delinquent3.90%3.80%4.51%4.71%
In Foreclosure0.78%0.82%1.09%1.40%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:1,986,0001,932,0002,286,0002,389,000
Number of properties in foreclosure pre-sale inventory:398,000410,000550,000711,000
Total Properties2,384,0002,342,0002,836,0003,100,000