Thursday, December 21, 2017

Black Knight: National Mortgage Delinquency Rate increased in November due to Hurricanes

by Bill McBride on 12/21/2017 12:46:00 PM

From Black Knight: Black Knight’s First Look at November 2017 Mortgage Data: Continued Hurricane-Driven Effects Lead to Largest 90-Day Delinquency Increase in Nine Years

• 90-day delinquent mortgage inventory spiked 13 percent in November, the largest monthly increase since 2008 as the financial crisis began to unfold

• While 90-day delinquency increases are common in November, the volumes seen this year are noteworthy

• Over 85 percent -- approximately 66,000 -- of the month’s 77,000 new severely delinquent loans can be attributed to hurricanes Harvey and Irma

• As a result, the current estimate of 90-day delinquencies resulting from Harvey and Irma totals over 85,000
According to Black Knight's First Look report for November, the percent of loans delinquent increased 2.5% in November compared to October, and increased 2.0% year-over-year.

The percent of loans in the foreclosure process declined 3.2% in November and were down 33% 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 4.55% in November, up from 4.44% in October.

The percent of loans in the foreclosure process declined in November to 0.66%.

The number of delinquent properties, but not in foreclosure, is up 61,000 properties year-over-year, and the number of properties in the foreclosure process is down 161,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Nov
2017
Oct
2017
Nov
2016
Nov
2015
Delinquent4.55%4.44%4.46%4.92%
In Foreclosure0.66%0.68%0.98%1.38%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,324,0002,262,0002,263,0002,491,000
Number of properties in foreclosure pre-sale inventory:337,000348,000498,000698,000
Total Properties2,661,0002,610,0002,761,0003,189,000