Thursday, April 19, 2018

Black Knight: National Mortgage Delinquency Rate Decreased in March

by Bill McBride on 4/19/2018 10:41:00 AM

From Black Knight: Black Knight’s First Look: Hurricane Impact Lingers, Drives Up Foreclosure Starts as Moratoria Lift; National Delinquencies Fall to 12-Month Low

• Seasonal effects and continued hurricane-related improvements contributed to a 13 percent decline in the national delinquency rate in March

• Nationally, there was a decline of 65,000 in serious delinquencies (90 or more days past due but not yet in foreclosure)

• Serious delinquencies attributable to Hurricanes Harvey and Irma saw a reduction of 19,500 loans

• However, as the hurricane impact shifts away from delinquencies, foreclosure starts rose by 12 percent

• More than two-thirds of that increase came from hurricane-affected areas of Texas and Florida

• Overall, active foreclosure inventory continues to improve, falling another 10,000 loans in March to its lowest level since late 2006

​• Despite interest rates remaining above 4.4 percent, prepayment activity in March increased by 22 percent from February’s 4-year low
According to Black Knight's First Look report for March, the percent of loans delinquent decreased 13.2% in March compared to February, but increased 3.1% year-over-year.

The percent of loans in the foreclosure process decreased 3.2% in March and were down 29.3% 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 3.73% in March, down from 4.30% in February.

The percent of loans in the foreclosure process decreased in March to 0.63%.

The number of delinquent properties, but not in foreclosure, is up 81,000 properties year-over-year, and the number of properties in the foreclosure process is down 127,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Mar
2018
Feb
2018
Mar
2017
Mar
2016
Delinquent3.73%4.30%3.62%4.08%
In Foreclosure0.63%0.65%0.88%1.25%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:1,912,0002,198,0001,831,0002,062,000
Number of properties in foreclosure pre-sale inventory:321,000331,000448,000631,000
Total Properties2,232,0002,528,0002,279,0002,693,000