Monday, March 26, 2018

Black Knight: National Mortgage Delinquency Rate Decreased Slightly in February

by Bill McBride on 3/26/2018 12:42:00 PM

From Black Knight: Black Knight’s First Look at February 2018 Mortgage Data

• The national delinquency rate edged slightly downward in February, with hurricane-related delinquencies declining by a modest 5.0 percent for the month

• Serious delinquencies (90 or more days past due) attributed to Hurricanes Harvey and Irma fell just 3.0 percent

• 128,000 hurricane-driven seriously delinquent mortgages remain in Texas, Florida, and Georgia

• After hitting a 12-month high in January, foreclosure starts fell 25 percent month-over-month

• Active foreclosure inventory rebounded from January’s increase, reaching a new post-recession low

• Rising interest rates pushed prepayment activity to the lowest level since 2014​
According to Black Knight's First Look report for February, the percent of loans delinquent decreased 0.2% in February compared to January, and increased 2.1% year-over-year.

The percent of loans in the foreclosure process decreased 1.8% in February and were down 30% 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 4.30% in February, down from 4.31% in January.

The percent of loans in the foreclosure process decreased slightly in February to 0.65%.

The number of delinquent properties, but not in foreclosure, is up 63,000 properties year-over-year, and the number of properties in the foreclosure process is down 139,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Feb
2018
Jan
2018
Feb
2017
Feb
2016
Delinquent4.30%4.31%4.21%4.45%
In Foreclosure0.65%0.66%0.93%1.30%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,198,0002,202,0002,135,0002,252,000
Number of properties in foreclosure pre-sale inventory:331,000337,000470,000655,000
Total Properties2,528,0002,539,0002,605,0002,907,000